Innovation and Technology Assignment

Added on - 18 Mar 2021

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Business Project
Table of ContentsASSESSMENT TASK 1.................................................................................................................1Introduction.................................................................................................................................1Impacts of innovation and technology and how it has affected the sales, profits and growth ofAston Martin Lagonda................................................................................................................1Conclusion..................................................................................................................................3REFERENCES................................................................................................................................4ASSESSMENT TASK 2.................................................................................................................5Introduction.................................................................................................................................5The importance of Corporate Social Responsibility (CSR) for Aston Martin Lagonda.............5Apply Archie Carroll’s (1991) CSR model to Aston Martin Lagonda.......................................6Conclusion..................................................................................................................................8REFERENCES................................................................................................................................9
ASSESSMENT TASK 1IntroductionInnovation can be comprehensively defined as the practical execution of an idea such thatit brings makes the company successful and well renowned. Innovation can take place in termsof product, service, process, business model, and so on (Etriya and et. al., 2018). Utilisation oflatest as well as emerging technology is one of the most prominent ways of bringing innovationwithin market place. Innovation allows an individual or company to appeal to the people inmarketplace and persuade them to consume the product or experience the service. The presentproject seeks to explore the concept as well as importance of innovation and technology forAston Martin Lagonda. This is acknowledged to be a global manufacturer of luxury sports cars.It has its headquarters within Gaydon, United Kingdom. The project consists of the influence oftechnology along with innovation upon a business. Also, it includes the way in which they affectthe sale volume, profit and growth of a company.Impacts of innovation and technology and how it has affected the sales, profits and growth ofAston Martin LagondaTechnology is considered to be inseparable from the corporate world. In the absence oftechnology, no organisation can advance in an effective manner. Technology even facilitatesbusinesses to come up with innovation at rapid intervals of time. It will not be wrong to state thattechnology makes the lives of individuals as well as businesses more pleasurable and easier forpeople. In this relation, it has been acknowledged that technology and innovation have shapedthe life of each and every business entity operating as a part of the economy (Santos, Rezendeand Basso, 2019). They have allowed the organisations to leverage the latest technologicaltrends, thereby successfully gaining the attention of people towards them.In this relation, the management of Aston Martin Lagonda realises the significance ofemploying innovation and technology. It helps the business to increase its profits and marketshare in the long run (Bag, Gupta and Telukdarie, 2018). Innovation and technology hold severalimpacts over a business. Some of these impacts are discussed beneath:-Savings in terms of time, money and efforts –When businesses employ technology as well asinnovation, they are able to save a lot of time, cost and efforts that can now be invested inproductive domains of the organisation (Santos and et. al., 2018). In this relation, it can be said1
that initial investment in technology needs extensive finance. However, the benefits arising fromthe employment of technology and innovation exceed the cost invested (Boz and Ozturk, 2020).Thus, technology along with innovation enable corporations like Aston Martin Lagonda to utilisethe time and money saved and investing it in development of a potential strategy forimprovement of business performance in long run.Facilitating seamless communication –With the help of innovation and technology,businesses are able to communicate internally as well as externally in a better manner. There areseveral technologies and innovations that can be leveraged for facilitating faster and efficientcommunication with a person from any part of the world (Brand and Blok, 2019). Thus, thisallow provides help to the organisations likeAston Martin Lagonda to coordinate with virtualteam members via the usage of platforms such as Egnyte and GoToMeeting. This makescommunication an easier procedure. As a result of this, the organisation gets benefitted in thelong run. Thus, it provides due aid in strengthening the growth and development prospects of thecompany.Adoption of technology and innovation allowsAston Martin Lagonda to instil a sense ofloyalty within the potential leads to get connected with the brand. The long term association oflarge number of individuals with brand automatically implies benefits for Aston Martin Lagondain multiple contexts such as augmentation of organisational financial performance, increment inbrand reputation, increment of market value and market share of the company, and so on (Zhuand et. al., 2019).In this relation, it has been determined that the augmentation of organisationalsales, profits and business growth ofAston Martin Lagondaalso owe to innovation andtechnology utilisation.2
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