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Business Environment Assignment - Britvic PLC

Added on - 23 Nov 2020

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Business environment-Innovation and technology
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................11. Types of innovation and technology and impact on economic progress................................12. Impact of innovation on economic growth-...........................................................................23. Innovation & technology done by Britivic and its impact on its organisation........................24. Comparison of sales and profit before and after implementation of new technology............3TASK 2............................................................................................................................................31. Corporate governance............................................................................................................32. History of Corporate governance in UK.................................................................................43.Responsibilities of Board of directors of Entertainment One Group.......................................54. CSR........................................................................................................................................55. Carroll's CSR pyramid............................................................................................................6CONCLUSION................................................................................................................................7REFERENCES................................................................................................................................8
INTRODUCTIONInnovation is defined as creative thoughts, new ideas and new imagination of doingthings to meet new requirements. technology is a method, skill, process that is used in theprocess of production for optimum utilization of scarce resources to achieve desired objective.The present study is done on Britvic PLC, a soft drink company, originally known as Britishvitamin Company. It was established in 1930 by an entrepreneur who used to deliver vitaminsthrough his drinks to people. In addition to this brief discussion is done on Entertainment OneGroup, a studio that is specialised in acquisition, financing, production, sales and distribution ofentertainment content(Armstrong and et.al., 2015). it is diversified expertise across films, musicand television production and sales. In addition to this Corporate governance and its history inUK has been discussed in detail. There are CSR practices carried on by companies on differentlevel has been described in detail. Apart from that a brief discussion is done of innovation andtechnological effect of the company on economy of the country. In addition to this a briefing isdone on new technologies used by Brexit(Armstrong and et.al., 2015).TASK 11. Types of innovation and technology and impact on economic progressInnovation-It means something that adds value to the product which should be uniqueand new.It is something which was never created earlier and will make work simpler and betterso that efficient results can be achieved.Technology- It is the small part of the innovation. The current technology is theinnovation from the previous that helped in making lives of people better. Technology issomething that one adopts for the betterment that makes a human multitasker(Armstrong andet.al., 2015).There are following types of innovation and technology-Incremental innovation- It is the type of innovation that increases value to the customerby using existing technology. it is the most common type of innovation that is also used byBritvic. It includes adding new features to the existing product. Disruptive innovation- it includesapplying new technology to the current product or process in current market. This newtechnology is generally an expensive that is difficult to use and has less feature. For ex. I phonedisruption of the mobile phone market. Before launching of Apple, I phone. most popular phoneswere focusing and relied on the keypad, scroll wheels and buttons for the purpose of inputs to3
the user. But apple has disrupted the whole market by launching touch screen phones(Evans andet.al., 2017).Apart from this there is Architectural innovation which means taking skills, learning andthe whole technology ad launching it to the different markets. This innovation helps in attractingnew potential customers. This technology involves less risk due to introduction of proventechnology. For example, NASA attempted to add on more on safety of aircraft cushions, so theyhave created new foam, which is already introduced in the market that was used by the people asspot equipment and medical equipment table pads and also used for mattresses. in addition to thisthere can radical innovation, actually a new innovation that gives birth to new technologies, suchas Air plane is the new revolutionary innovation(Evans and et.al., 2017).2. Impact of innovation on economic growth-Innovation and technology have major impact on the economic growth of the countrybyincreasing the productivity and brings citizens new and better goods and service that improvestheir standard of living. Economic growth on a macro level has increased GDP per capita,productivity and labour productivity. A strong indicator of economic growth through innovationis spending on research and development. Recently economists have been trying to analysegrowth through innovation by four main methods, that are learning by doing, human capital,research and development, and public infrastructure. Some innovation methods anddevelopments cannot always be kept by the original company, due to technical spill overs,imperfect patenting, and movement of skilled labourers to other firm(Grayson and Hodges,2017).3. Innovation & technology done by Britivic and its impact on its organisation.Britvic has introduced new technology with new wood fibre packaging that formed a partof Rea search and development for the purpose of sustainability. Apart from this researchprocess in fibre and pulp has provided information Britvic’s R&D team for finding out variousalternative solution for packaging in the future. It was essential because of negative impact ofplastic packaging on the environment(Grayson and Hodges, 2017). Britvic has recently invested£240 m for the purpose of reducing waste and improving environmental footprints (BRITVICINNOVATORS DEVELOP A BOTTLE MADE OF WOOD FIBRE IN R&D CHALLENGE TO CHAMPIONSUSTAINABILITY GOALS,2017).4
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