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The impact of innovation on economic performance within Sainsbury's 4

   

Added on  2020-10-05

12 Pages3230 Words103 Views
BusinessEnvironment1.0 INTRODUCTION.....................................................................................................................1
The impact of innovation on economic performance within Sainsbury's 4_1
2.0 Task1 Question 1: Innovation and technology..........................................................................22.1 Key terms..........................................................................................................................22.2 The role of technological change in economic progress..................................................33.0 Task 1 Question 2: Practical illustration of innovation at Sainsbury's.....................................43.1 Overview of Sainsbury's..................................................................................................43.2 The impact of innovation on operations within Sainsbury's...........................................43.3 The impact of innovation on sales within Sainsbury's....................................................53.4 The impact of innovation on profit within Sainsbury's...................................................54.0 Task 2 Question 1: Corporate Governance................................................................................64.1 Key terms..........................................................................................................................64.2 Understanding corporate governance...............................................................................64.3 Explain 5 basic principles of corporate governance.........................................................65.0 Task 2 Question2: Corporate social responsibility....................................................................85.1 Key terms..........................................................................................................................85.2 Archie Carroll's Pyramid..................................................................................................86.0 CONCLUSION..........................................................................................................................9REFERENCES...................................................................................................................10
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1.0 INTRODUCTION1
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Innovation is a method that includes various ideas, thoughts and activities to bring out thenew ways to do things. It help company to develop new thoughts that are changed into a usefulservices, products and process. Corporate governance is a relationships among the managementof company, their shareholders, boards and some other stakeholders. It is crucial as it providesstructure through which company set their objectives. For Task 1 the chosen company isSainsbury's which is a second largest chain of supermarkets. Its headquarters is situated inLondon, United Kingdom. This task includes definitions of innovation and technology. Role oftechnological change in economic progress. Overview of Sainsbury's and impact of innovationon operations, sales and profit within company are mentioned. For Task 2 the chosen company isBP Plc which is a leading multinational oil and gas company. Its headquarters is in London, UK.This Task covers definitions and understanding of corporate governance. Five basic principles ofcorporate governance. Corporate social responsibility and explanations of Archie's Carroll'spyramids are also mentioned in this report.2.0 Task1 Question 1: Innovation and technology2.1 Key termsDefinition of innovationInnovation is a knowing utilisation of information, initiative and imagination inexplaining various values from resources and consider all methods by which creative thoughtsand ideas are created and converted into multi-purpose products. It is important for Sainsbury'sas it provides an edge for the fastest market penetration and gives a better links for marketdevelopments that can be a advantage to get great opportunities in various countries.State different types of technological innovationTechnological innovation is a representation of an innovative products and operations andimportant technical changes of processes and products. Different types are:Computer technology:Computer technology is the improvement of a software application which permitsindividuals to execute task from anywhere which has been automatically allotted from computersat their work place. Technology has essential impact at the time of business operations. It hasboth benefits which assist them to generate revenue and produce outcomes according to demand2
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