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Strategic innovation of a business can be evident in respect of an organization of any sector that is evident as well as useful in terms of market. In other words, it has been considered to be active as well as competitive in terms of finding key strategic areas of innovation and technical perfection as well. In this regard, the chosen organization Victoria Beckham Ltd. has been recognized since 2008 for its eponymous fashion in the streets of London (Victoria Beckham UK, 2020).
The part of this report has been represented with the market analysis and competitive as well as consumer research in relation to the organization outlining the critical evaluation of opportunities in association of technology-based innovation. Further, it has been focused on the type of innovation for better growth in the chosen organization as well using a descriptive innovation solution in support of protection of the innovation process as well.
According to the market analysis, it has been observed that the organization had its seismic shifts like other retail sector organizations as well. At the same time, it has been considered that most of the technological advancements have gone higher than ever (Fashionunited.uk, 2020). It shows below in the following way:
From this above market that is revealed, it could be acknowledged that most of the platforms like social media, paid socials traffic and instagram services have taken replacement of some brick and mortar stores have reduced in the market (Fashionunited.uk, 2020). In this regard, it can be acknowledged that fashion retail companies like Victoria Beckham has been positioned in a market that has been observed to be slowing down with its sales by 16% to a rate of £ 35 million (BBC News, 2020).
The competitive market for Victoria Beckham seems to be penetrating compared to its rivals in the UK-based market. From an overview of rivals in the existing industry, it has been identified that the company has its major competitors as Enclothed Ltd, Thread Inc and Mr. Porter as well. At the same time, most of its brands lack in evolving consumers of its choice as well (dw.com, 2020).
The brand has its direct approaches towards its consumers through a line of launching all collection of make-up and hair style portfolios and all that is associated with marketing its fashion brand of good make-up kits (British Vogue, 2020).
From this above graphical presentation, it has been well identified that the company had gone through a good flow of sales in the market however, due to some preconceptions consumers there was a dislike commonly seen within the market as well (Ft.com, 2020). Hence, it has given an overview of the market that the company has been going through for its technical innovation.
Considering the above market research, the organization has been identified with an opportunity with a warranted technology-based innovation is basically with diversification of products as well as multitude of revenue streams as well. At the same time, Beckham seems to be invested on different business ventures as well as through channelizing brand endorsements, product explorations in various segments in the market (Cotton, 2020).
On the other hand, it has been found that Victoria, the brand seems to be involving in expanding its business opportunities through skin care products and launching new fragrance for makeup-brands. It includes, hydrating creams, protection of skincare from sunburn or any damages along with collaboration schemes with Reebok and other sportswear teams (FashionNetwork.com, 2020).
According to a so far market on the background of the market, it could be well recognized that majority of opportunities in the collaborations, creations and innovations has been introduced in the market could be examined in respect of its external and internal influence of business environment. As influenced by Pieroni et al. (2019), business model innovation might be a good option with the implementation of circular economy in the process. It determines the fact that business projects that involve circular mode of operations may have good progress that can be beneficial in terms of financial revenue as well as maximum capacity of growth.
On the contrary, Bogers et al. (2017), commented that an idea can have an emerging theme developed within different levels of industries may have wider level of recognitions. In respect to the notified opportunities above, it simply tries to indicate that the technical innovation in Victoria Beckham is limited in output as well as having limited power of controlling and managing its opportunities including its stakeholders’ partnership. In fact, it has also been pointed that Victoria shares and explores only premium brands rather than all category and that even without large scale of consumers especially a weaker demand from wholesale customers due to which it has been losing its sales revenue consistently (BBC News, 2020). Hence, based on this market analysis above, it may need some additional innovation that has been focused on below.
There are several numbers of innovations applicable for organizations, which need to be utilized through various channels and medium for Victoria Beckham in the UK-based market as well. At the same time, it may include some ten different types of innovations that are suitable for driving force of business (Talay et al. 2019).
According to this strategic framework, these are the ten types of innovations that can be suited for the brand Victoria Beckham. It simply tries to focus on all of these techniques and types.
Profit Model has been utilized for the purpose of making money in its own way and pattern in the market as well. Other than this, network innovation works in association with the structure, process together to create successful configurations (Robbins, 2018).
Other than this, product system and performance has been coordinated with the scale of working with variety of developing approaches that connects with customers and creating experience elements below
In respect to the market analysis, competition and consumer responses from behalf of news reports, it can be suggestive here that if Victoria rely on these strategic frameworks above, it may find some suitable way out for its brand recognition. It can be evident from the company for example; if Beckham implements this type of dynamic innovation it needs to concentrate on the service qualities, channels and then brand and customer engagement at last (Robbins, 2018). The organization need to choose customer engagement and product performance innovation with prime concern in the market for its survival well.
For Victoria’s products here, it needs to take serious note of some of the important aspects of business such as its constructive criticism, wardrobes for customers, should embrace customer choice with priority first and then proceed with further emphasizing on its skin care segment newly launched opportunity for future. In other words, it should be systematic as well as mostly concerned about its weaker areas that are concerned with customer responses well. At the same time, technological innovation needs to be strengthened well with
Innovation process needs to go with a flow from a deeper insight and identifying the problems as well as having deeper insight so that it can be set up with a problem-solving solutions and business model that has been validating market strategy as well (Harvard Business Review, 2020). In accordance with the business innovation process is concerned, Beckham needs to go through certain flow of creativity and ideation so that innovation could be taken transparently as well as with agile software application to avoid any wastage and lean method of driving business model development. In fact, the model of innovation may have some risk factors that need to be acknowledged and taken initiative to reduce it and eliminate within the range of tools and techniques (Fashion Roundtable, 2020). Besides, the process also indicates about taking serious note of cost and budgetary plans against its positive outcome as well.
There is an effective process of innovation for finding solution, which had an in-depth approach of strategic form of innovation. At the same time, it has been formed in a strategic way from the beginning of circular economy model.
According to the given flow of innovation process, it has been evident that the company needs to work in accordance with the systematic path that can be prominent here and visible for having maximum amount of renewable source of production (The Fashion Retailer, 2020). In other words, the step-by-step stages of innovation are such as:
According to Müller and Däschle (2018), business model of a fashion brings customer relationship innovation other than product innovation. It delineates the fact that with the implication of circular economic model and approach, Victoria’s brand of fashion may have this circular scale of progress gradually with time despite of falling sudden at every point of second in the market due to competition. Hence, in this respect, it has been understood that its valuable assets of business may have an intended growth using this biodegradable and sustainable process of innovation.
Innovation techniques and tools can be protected by using exclusive method or regulatory aspects in a business. According to Prause et al. (2018), it has been stated that designing and protection of innovation process and its knowledge can be secured under the strategic policy of The Registered Designs Act 1949 and The Patents Act 1977. In other words, it has also been observed that intellectual property rights are specific to the owner having copyrights, data base rights, design rights and patent as well as trade mark all assigned to the confidentiality information.
Other than this, it has been identified that a successful management of IPR can only provide such security measures for protection of creative output from being imitated in the market (Oxford University Innovation, 2020). In relation to the organization is concerned, it needs to be well acknowledged that all the necessary innovation patterns, its designs and its ownership of an organization need to be protected under this concerned authority so that business operations may not be affected. So it is equally applicable for Victoria Beckham that has been noticed to have some lack of certain areas like database rights to be protected in a better way for avoiding unwanted access to the innovation premise of the production or digital patterns through a chain of supply chain medium. Hence, this can be possible to protect and sustain its innovations in all aspects.
Therefore, based on the overview of the critical analysis of the selected organization above, it can be well acknowledged that creative designs and innovation skills in relationship with the business has been actively operated. In fact, it has also been found that Victoria Beckham has been utilizing some of the aspects of certain process and types of innovation, which can be modified with time and changing perception of customers in the market so that business may find some high level recognition. Thus, the business needs to be operated from multiple points of views as well as variations so that it may form potential changes in the market as well.
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