Impact of Innovation and Technology on Company's Sales, Profit, and Growth

Assessment

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
Impact of innovation and technology and its affect on company's sales, profit and growth .....1
TASK 2............................................................................................................................................3
Importance of Corporate Social Responsibility .........................................................................3
Archie Carroll's CSR model........................................................................................................5
CONCLUSION ...............................................................................................................................7
REFERENCES................................................................................................................................8

INTRODUCTION
In this current era of marketplace, the term innovation and advancement has been very
familiarised in majority of the organisation., This is because, this element is regarded as one of
the essential component for organisation to attain sustainable growth and development and also
to place the brand in a competitive position. The term innovation means introducing something
new product and service within existing market with an aim to meet targeted customer
requirements in an effective manner (Carroll, 2015). The adoption of innovation benefit
establishment in various ways like long term survival, empower firm to remain competitive,
improve overall productivity and many more. IN regard of this report, Royal Mail has been
considered which is known as a best postal service and courier company in UK. It is established
in the year of 1516 and render the services like letter post, parcel service, freight forwarding ,
EMS, delivery across the globe. In this study, it includes the role of innovation and technology
within company and how it lead firm to achieve increased level of profit, sales and growth
among competitors.
TASK 1
Impact of innovation and technology and its affect on company's sales, profit and growth
From the recent years, the pace of innovation has been risen due to the intense level of
competition and challenges among companies in terms of acquiring aggressive or competing
position inside industry. Along with this, the implementation of innovative technologies help
executives, managers and manpower to operate their business more effectively and also to
improve the quality of produce with less defection or error. Therefore, as per present scenario of
industry, there is a trend within organisation to adopt innovation or modernisation in technology
on continual basis. This is because, market trend and customer demand varies form time to time
that directly impact over establishment decision making process and brand value among
competitors (Carroll, 2016). However, in order to survive inside competing market for longer
period of time, an organisation must be flexible in nature to acquire appropriate or relevant
modification and alteration for obtaining profit maximisation in a stipulated time duration. Not
least, due to trailblazing development or enhancement in information and communication
technology(ICT), it aid firm to make use of available opportunities in an improved or amended
mode. In relation to Royal Mail, it is considered as a dominant operator especially in the field of