Impact of Innovation and Technology on Business and Economic Growth

BUSINESS AND BUSIENSS
ENVIRONMENT

EXECUTIVE SUMMARY
This project report is based on understanding and knowledge regarding innovation and
technology through which sales, profits and operations of management can be affected. This
reports highlights types of innovation and their impact on the growth of organisation and
contribution in economic growth and how technology and innovation influences the generation
of sales and profits of the companies. This project also represents the importance of corporate
social responsibility and their evaluation with the help of using Archie Carroll’s Pyramid of
CSR.

Table of Contents
EXECUTIVE SUMMARY.............................................................................................................2
INTRODUCTION...........................................................................................................................4
MAIN BODY..................................................................................................................................4
TASK 1............................................................................................................................................4
Types of innovation and technology and how it creates an impact on the economic progress of
country and on organization........................................................................................................4
Impact of technology and innovation on operations, sales and profits of organization..............6
TASK 2............................................................................................................................................7
Define the importance of Corporate Social Responsibility (CSR) for the company...................7
Evaluation of Archie Carroll’s Pyramid of CSR.........................................................................9
CONCLUSION..............................................................................................................................10
REFERENCES..............................................................................................................................12
Books and journals....................................................................................................................12

INTRODUCTION
Business environment is a merger of all internal and external forces which can create an
impact on the operations and functions of the business. Such factors of business environment
involve employee’s, customer demands, supply, management, distributors, innovation in
technology, socio-cultural responsibility, changing market trends, economic trends and
governmental involvement (Huang and et.al, 2016). Next PLC styled as next and is one of the
British multinational retail company which offers clothing, footwear and home decor products.
The company was founded in in 1864 in Leeds, UK by Joseph Hepworth and is owned by Next
holding limited. This project is based on the business environment and how innovation and
technological change can you create an impact on the economic process progress of the
organisation and of whole country. This report also involves the corporate social responsibility of
the business and their importance which can be evaluated with the help of Archie Carroll's
pyramid of CSR.
MAIN BODY
TASK 1
Types of innovation and technology and how it creates an impact on the economic progress of
country and on organization
Innovation and technology
Innovation is one of the basic source of competitive benefit which helps to drive
productivity and efficiency of the organisation and drive differentiation through which needs can
be met and competitive business position can be established and maintained (Abbas and Sağsan,
2019). Innovation help companies to meet the constant changing demands of the customers and
offer solutions to customers which are innovative and helpful in attracting and retaining
maximum customers. In relation to Next Plc, technological innovation starts with ideation
process and ends on commercializing viable product services which will meet the market
demand and it is helpful in driving the entrepreneurial spirit. It is a continuous process which
help Next Plc to bring internal and external development and meet the competitive business
environment and create business value in the industry.