Innovation and Technology Impact on Economic Growth and Corporate Social Responsibility

Business
Environment
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Executive Summary
This paper examines innovation and technology, which will have a direct influence on the
country's economic growth, such as higher GDP and tax revenue. It had an influence on the
firm's sales, operations, and earnings, as well as the technology it employed. It is necessary to
assess the relevance of corporate social responsibility and Archie Carroll's four primary areas of
duty, which are economic, legal, ethical, and philanthropic.
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Table of Contents
Executive Summary.....................................................................................................................................2
INTRODUCTION.......................................................................................................................................4
TASK 1.......................................................................................................................................................4
1. Understand innovation & technology and how they impacted economic growth of country...............4
2. How innovation and technology have impacted operations, sales and profits.....................................6
TASK 2.......................................................................................................................................................9
1 Importance of corporate social responsibility for an organization........................................................9
2. Four areas of corporate social responsibility by Archie Carroll.........................................................11
CONCLUSION.........................................................................................................................................12
REFERENCES..........................................................................................................................................13
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INTRODUCTION
The business environment in an organisation is made up of a variety of internal and
external elements that influence profitability and productivity. The terms innovation and
technology refer to the development of new technology or innovation in an entity that may assist
businesses in increasing their profitability and lowering their costs in a cost-effective manner.
The chosen organisation is used in this evaluation. The company Greggs plc. is a UK-based
bakery company. It serves baked goods, sausage rolls, and sandwiches, as well as sweet treats
like doughnuts and vanilla slices. The firm's headquarters are in Newcastle upon Tyne, England.
This research looks at a variety of topics, including innovation and technology and how they
should contribute to economic growth, comparing how operations, sales, and profits impacted
the company, corporate governance and corporate social responsibility, and the role of CSR in
Greggs Plc.
TASK 1
1. Understand innovation & technology and how they impacted economic growth of country
Innovation is a process in which people generate fresh ideas and thoughts about new
products or services in order to produce value for which customers would pay money.
Technology is a tool made by humans that is important in promoting their progress and making
such jobs and addressing many of humanity's issues simpler. Innovation and technology are
employed to better their product and identify new goods for the application technique that they
have brought to market. In references to Greggs Plc, innovation act as important aspect in firm
development.
They should contribute to the country's economic progress since it helps businesses
produce more productive products. When a firm and the employees who work in that industry or
organisation become more productive, the prices of various goods and services decline, therefore
raising their standard of life. One of the advantages of innovation is that it contributes to
economic growth, which leads to increased productivity and higher output from the same input.
It is widely believed that technology enables more efficient production of more products and
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