Impact of Innovation and Technology on Business Environment

This report examines the impact of innovation and technology on the business environment, specifically focusing on Aston Martin Lagonda. It also discusses the importance of corporate social responsibility and introduces Archie Carroll's CSR model. The report highlights the economic, legal, ethical, and philanthropic responsibilities of companies in relation to CSR.

business environment

Executive Summary
This report will project different aspects related to innovation and technological
development in company. Corporate social responsibility operations of company will be
studied briefly in this report.

Table of Contents
INTRODUCTION.................................................................................................................................3
Task 1....................................................................................................................................................3
Impact of innovation and technology.................................................................................................3
Task 2....................................................................................................................................................6
Corporate social responsibility..........................................................................................................6
CONCLUSION.....................................................................................................................................9
REFERENCES....................................................................................................................................10

INTRODUCTION
Business environment is a sum of various internal and external factors associated with
the business operations of company. This report will project case study on Aston Martin
Lagonda in respect to how innovation have changes the dimensions for the products in
market. In this report the overview will be taken in regards to how innovation has changed
the market performance of the company. Relationship between innovation and economic
development will understand in this report. Furthermore, report will demonstrate the different
aspects related to corporate social responsibility. Specific CSR model would be implemented
to understand about the significance of the CSR. All different areas affected with CSR would
be assessed in this report.
Task 1
Impact of innovation and technology
Innovation can be defined as introducing new aspects and factors in the products of
company so that growth of the product in market can be expended. Aston Martin is a
automobile company. Innovation and technological development have immensely supported
the entire sector in achieving the overall growth objectives of business. Innovation has always
supported company in introducing new changes in products of company and also in product
design. Involvement of innovation in product design and product development has supported
company throughout of the journey for meeting up different needs and requirements of
company’s target customer groups all across the globe. Apart from the healthy competition
from other brands like Bentley Motors and many other co pany could be able to reach the
sales turnover of 99.73 Crore BBP as per the last financial year (Bousquet and et.al., 2018).
This revenue statistic project about the impressive performance of company in market.
Company has entertained a sales growth of approximately 25% in the last financial year. All
these mathematical figures present the company’s influence in the automobile sector all
across the globe.
Innovation and technological development over a constant basis played a significant
role for the company in achieving this effective growth in the market. Innovation has
supported company to upgrade its products that can support the current and future
expectations of the potential customers available in market (Singh, 2020). Matching up the
needs and expectations of customers play a significant role for the company in enhancing the

growth. Constant investment in research over product development has allowed company to
enhance the sales.
Role of technological change in economic progress
Economic progress is defined as enhancing the sales turnover of company alomng
with increasing the growth rate of company. Market performance of Aston Martin has
projected that company has achieved a sales turnover of 99.73 Crore BBP that has increased
25% as compare to earlier financial year (Francke and Alexander, 2019). This statistic of
company project about how effectively Aston Martin could deliver the expectations of
company’s customer groups all across the globe. Company management has given huge
emphasis over market research and research on product development and also to upgrade the
technology of company. The technological development company has entertained has created
a huge impact over company’s presence in market. With the support of research and
technological changes with the support of innovation company could introduce potential
changes in its models and designs. All the changes Aston Martin has introduced so far made a
positive impact over the mindset of peoples. This has allowed company to sustain its existing
customer’s along with attracting new potential customers for the company’s products.
Introducing new products and technologies play a crucial role for the company. In
case of automobile sector the competition is very close and aggressive between all top
brands. All the brands has its own dignity and identity and carry its own bunch of potential
customers (Elia and et.al., 2017). In such a competitive environment technological changes
and development provide a significant boost in the growth of company. Aggressive
competition in brands in arket provides plenty of options to the customers to make a purchase
decisions. Expectation of customers also a factor that took a crucial part in buying decisions
customer make in market. Technological changes and innovation allow company to cope up
with the expectations of customers in market. Innovation allow company to improve the sales
of all its existing products by making potential changes in the current products of company
along with it allow company to launch new products in market. Aston Martin Lagonda is well
known for its product design and attractive features that has allowed company to
continuously serve its customers base available in market. Attractive designs and features has
attracted customers of company. Economically company has always been in a strong
position.
Overview of company

Aston Martin Lagonda is one of the leading brand in automobile sector all across the
globe. Company’s policy related to innovation and technological advancement has supported
company in expanding the sales and growth potential of company. It has driven company to
design its products and manufacture the brad in such a way that it becomes capable of dealing
with all needs and requirements of the potential customers available in market. Continuous
innovation and technological advancement has guided company to upgrade in its designs and
product features such as introducing GPS, music system and many other key features (Flavin
and Quintero, 2018). Designs of company have always been a part of conversations in
between all customers in market. Innovation supported company in delivering exciting and
attractive designs for all its products.
Automobile sector has always focused towards technological advancement and
developments. Innovation provided a complete shape to company’s operations, sales and
economic growth. Management has given huge emphasis to conduct research over product
development and technological advancements. As a result of the research and technological
development company could deliver a heavy growth rate of 25% in last financial year
(Ndesaulwa and Kikula, 2016). The sales statistics of company project that the strategic
direction of company is going in right direction. Apart from the heavy and aggressive market
competition between all top brands in automobile sector the 25% hike in sales figures project
about how efficiently company could deliver the expectations of the target customer based in
automobile market. Designs of the Langonda have always been a positive side of the
company that has also delivered a strong brand image of company in market.

Task 2
Corporate social responsibility
Corporate social responsibility is the concept based on the fact that companies take all
the resources and equipments needed for the business from the nature. In against to whatever
companies take from nature it becomes the responsibility of the organisation to give back
whatever it has taken from the society. Corporate social responsibility is more like a social
responsibility of companies related to the society. Corporate social responsibility is more like
a percentage of investment of company give back to the society in against to whatever society
has taken from business.
A. Importance of Corporate Social Responsibility (CSR)
There are CSR (corporate social responsibility) plays very excellent role for different
companies and businesses. This is the main reason that, top-level management within most
organisations mostly takes different decisions towards fulfilling their CSR. There is corporate
social responsibility is just a way to different businesses for working in the social welfare. In
this situation this CSR is very important to the Aston Martin company (Almahrog,Aribiand
Arun, 2018). There are some key importance or role of corporate social responsibility has
been discussed below;
Increases brand value: Corporate social responsibility is very important to different
companies in increasing the brand value within the market. This is the main reason that,
Aston Martin should highly consider CSR within its daily business operations. Of course, this
company already has an effective brand value within the international luxury car market, but
after fulfilling CSR, its brand reputation will be more increased. In this dynamic world, there
are lots of luxury car manufacturing companies exists within the market, in which these
companies are giving very tough competition to the Aston Martin within the market, so that
upper management at this company should take quick decision towards following the concept
of CSR within its business operations.
Positive reputation of business: CSR is very supportive in the context of maintaining
positive reputation of the business as well. Currently most companies or organisations within
the market are putting their lots of efforts for building positive reputation of their brand in the
market, in which corporate social responsibility is one of the best ways to a business to
maintain an effective and positive brand image within the market. Basically, when a business

fulfils corporate social responsibility within the market, then it can simply put very positive
impression on many of people within the market. Currently most people are fully literate
within the market, so that they completely understand the actual value and role of CSR, that’s
why existing management of Aston Martin should be taken quick steps to fulfil corporate
social responsibility within the market.
Increases customer loyalty and sales: Currently many of customers within the market are
fully aware about the corporate social responsibility (Yuestiand et.al., 2020). That’s why
nowadays most customers like purchase services and products only from those organisations
or businesses which fulfils their CSR on time within the selected market place. Currently
every business within the market is trying to provide the quality products and services for
increasing the customer loyalty and increasing the loyal customer base. According to
different business experts, when a company has a loyal customer base, then it can gain very
appropriate profit within the market. On the other side, CSR plays the very excellent role in
making loyal customer base as well. In this situation, top-level management of Aston Martin
need to make a proper plan for systematically fulfilling its CRS within the market. It is very
necessary to this company for fulfilling CSR in effective manner to gain very appropriate
outcomes within the market.
Archie Carroll’s CSR Model
In order to channelize the corporate social responsibility operations Archie has
suggested this model that guides companies to conduct the social responsibility functions in
professional manner. This model project four different responsibilities of companies as a part
of the corporate social responsibility that involve economic responsibility, legal
responsibilities, ethical responsibilities and philanthropic responsibilities. All the four
responsibilities are a part of the corporate social responsibilities companies associated with.
Economic responsibilities: As per the concepts of Archie Carroll’s model the corporate
social responsibility is a economic responsibility of the organisation. This is the duty of
copany to support the society from its economic resources. In order to conduct the business
operations company take plenty of resources from the society. In against to whatever society
gives to the companies for doing their business operations society do expect from the
businesses about the economic favours. A specific percentage of profits need to invest back
for the betterment of the society. The percentage of investment society seek from business is
done from the profitability of company. This is not a financial burden over the company as

company invest in the corporate social responsibility from its profitability not from the
economic reforms company set for its growth and success (Attig and et.al., 2016). Aston
Martin Lagonda also keen towards conducting and channelizing corporate social
responsibility functions. Company has been involved in many social activities like plantation,
clean water and many other social activities. All these social activities has allowed company
to polish its brand image in market. This has allowed company to enhance its customer
loyalty along with attracting new potential customers across the globe. Company has take the
corporate social responsibility as its economic responsibility very seriously as a result of that
company has invested i doing many social responsibility functions a potential amount of its
financial resources. Sucesful corporate social responsibility campaigns have improved the
brand value in market.
Legal responsibilities: Corporate social responsibility is a legal responsibility of companies.
This is the legal obligation of all companies operate business operations to get engaged into
corporate social responsibility operation. In order to conduct the business operations
businesses take plenty of resources from the society in against of taking such resources it is
the responsibility of company to give back to the society whatever company has taken from
the society (Yasser, Al Mamun and Ahmed, 2017). This is more like a basic concept behind
the corporate social responsibility operation company undertake. Government all across the
globe has also set legal regulation over companies for performing corporate social
responsibility functions and in case of any breach has registered in the legal obligation than
possible actions will also take over such companies and responsible dignitaries in company.
Legal responsibility the term itself denotes that this is a legal obligation over company. Aston
Martin Lagonda Company has take the responsibility very seriously and company
consistently been involved in the social responsibility function.
Ethical responsibilities: Ethical responsibility is another concept involve in corporate social
responsibility operation. This aspect of the model project that corporate social responsibility
functions undertake by companies is a ethical responsibility of company. This is a part of
business ethics of company that it needs to involve in doing corporate social responsibility
operations. In order to conduct the business operations Aston Martin Lagonda get to involve
in many resources like financial resources, human resources and many other resources from
the society. In ageist to utilising such resources it is the responsibility of the organisation to
give back to society from whatever it has taken from the society (Dyduch and Krasodomska,
2017). Companies take more than it give back to society as a part of corporate social

responsibility function. Ethical responsibility is all about even the legal regulations is not
attached with the companies in respect to corporate social responsibility it must be ethical
responsibility of company to get involve in corporate social responsibility function. Business
ethics promote company in dong such actions for betterment and conservation of society and
its resources.
Philanthropic responsibilities: This is another crucial aspect of corporate social
responsibility. Business organisations are also philanthropic in nature. They must get engaged
with doing social responsibilities as they earn potential revenues from the society. It takes
nothing of companies to invest minimum amounts of financial resources for the betterment of
the society. After all companies take all the resources and fulfil all its requirements with the
support of society. Aston Martin Lagonda also involve in doing corporate social
responsibility functions. Company has been engaged in many social responsibility functions
like plantation, water harvesting and many others. All the social responsibility has further
allowed company to improve its profitability as it also resulted into positive brand image of
company in market.
The above mentioned points have projected about different kinds of responsibility
company fulfil by meeting up its corporate social responsibility function. With the support of
corporate social responsibility companies also fulfil all these responsibilities.
CONCLUSION
Innovation and technological development give huge support to companies in
enhancing the profitability and growth in market. Both the factors support company in
channelizing positive brand image in market. Innovation further supports company in
improving the demands of all its existing products of company along with it support the
company in attracting new customers for the company in market. Corporate social
responsibility is a prime responsibility of company. It involve responsibilities like economic
responsibility, ethical responsibility, legal responsibility and philanthropic responsibility. All
the four responsibilities of company are a part of the CSR responsibility of company.

REFERENCES
Books & Journals
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