TOC Introduction Task 1 Impact of technology on sales, growth and profit Task 2 Importance of CSR over business Carroll’s model
TASK 1 Impact of innovation as well as Technology and affect of it over the sales, growth and profit. Innovation and technology Innovation means a new way of doing things, a creative idea for meeting the new requirements in the market. Innovation is more practical and can be termed as practical application of invention. Innovation will help Lloyds Bank by fast process in the work by increasing the productivity in the work. Technology is practical application of knowledge of the science and includes the knowledge which will deal with the engineering, machinery and also equipment have been developed by applying the science of the engineering.
TASK 2 Importance of CSR over the business Corporate social responsibility plays a very important role in the brand value of the company in which the value of the company will increase if the company do more CSR activities. CSR activities involves activities for the betterment of the society. Importance of CSR is explained by following points:
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Carroll's CSR model (1991) Dr. Archie B. Carroll identifies four areas that includes CSR activities in the form of pyramid and the same are legal, economical, ethical and philanthropic. The focus is to lay down light over the business responsibilities over the stakeholders of the company.
CONCLUSION As per the study it is concluded that CSR activities plays a major role in the development of the company in which it creates a positive image in the minds of different stakeholders by doing good to the society. CSR activities can be used for the purpose of advertisement and boosting the image of the company.
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