Innovation and Technology in Business Environment

This report discusses the significance of innovation and technology in the business environment, focusing on the role it plays in economic growth. It also explores the importance of corporate social responsibility (CSR) and its impact on business interests and the economy. The case study of Kingfisher plc, a multinational retail company, is used to illustrate these concepts.

Business environment

Table of Contents
Executive summary..........................................................................................................................3
INTRODUCTION ..........................................................................................................................4
TASK 1 ...........................................................................................................................................4
Innovation and Technology:.......................................................................................................4
Task 2 .............................................................................................................................................7
Corporate social responsibilities (CSR) .....................................................................................7
CONCLUSION ...............................................................................................................................9

Executive summary
Business environment reflects what a business is doing and how they doing
in order to work gain profits. A business reflects its culture, activities, norms,
which include their working criteria to become successful in the market. For which
innovation plays a crucial role in business growth. This report highlights the facts
of innovations and its significance in an economic environment for kingfisher plc.
As it focused on technological change with the help of CSR model. Which has its
four pyramids of legal, ethical, Philanthropic and economic under which kingfisher
has working properly.

INTRODUCTION
Business environment is a set and collection of various business activities which reflects
its function within the environment or outside the environment. Also, It shows how a business
perform its function in order to survive in the market. It includes every aspect of working of a
business such as its products strategy, customer policies, buyer-seller relations, market tends,
government interference, employee relations. Also it shows how other factors affects a business
directly or indirectly. This report is about kingfisher plc. Which is multinational retail company
in London. It deals in household tools and DIY items and other home appliances, decoration and
etc. 5this report is about how innovation has been a part of every individual life which
contribute towards the economy (Guertler, Sick, and Kriz, 2019) This facts going to highlight
the role of technologies and their relations with the economic development. Also, how
government and legal factors affects the functions of technological improvement. At last,
corporate social responsibilities (CSR), plays their role in business interests and indulge its
values regarding business aspects. This will be understood by Archie Carroll’s model that
influences on their norms and beliefs regrading a retail sectors and how it can opt positive
change towards the company which eventually going to affect on economic environment and
fulfil needs of demand and supply, inflation, interest policies that enhance organisations as well
as economic growth.
TASK 1
Innovation and Technology:
Innovations has been a part of economic life in terms of business, commercial, research
and education. It has integrated with defining new criteria and making a plan to develop
something new and unique. Scientist invent various technologies in order to give a new image to
the world. Innovation involves a process of critical thinking and process for enhancing the
thought into practical conversion so that it results in something new and reliable. It is also a
feeling of curiosity in order to develop and invent something extra ordinary by developing own
critical thinking and set a curious desire to know the reasons behinds failures. It develop an ease
of learning from failures which leads an individuals to enhance their understanding and find a
effective solution to make their innovation successful. Innovations not only consider creating of

tangible mechanism or sources rather it also focus on innovative thinking which an individual
use and apply to the complex situation in order to it simple and easy. Innovation has reaching to
the heights in field of business and economic growth (Millar, Lockett, and Ladd, 2018). The
countries which has leading technologies and innovative ideas for their economy has known to
be said developing countries. In that respect, innovations are necessary to make a country
develop and innovative in the field of its economy with the contribution of business performance
and activities.
From the past decades, the economy has been reaching to new growth and success by
being developed because of various innovative technologies and modern elements, it gives a new
face to economic overview and changes, life of people in a manner that today people are always
depends on those technologies and always try to find the ways in which work could perform in
less time. Innovative technologies increase an individual thinking power and level of
understanding which make a contribution for the economy. Innovations can also be termed as
business as people are earning by executing their ideas and invention into the economic market.
Which in terns gave a positive results for both customers and economy. The best example of an
innovation are mobile phones. In today's world no person is roaming without a cell phone in their
hand. its like became a part of everyone's life. It gave people an opportunities to talk with
someone and use it as for entertainment purpose. It provide a lot of features and significance for
which people could not think of resist it. Many companies are rapidly grow in auto mobile sector
by providing these technologies to customers. Also, internet and computers are also one of the
greatest inventions for the whole world which set a new experience for people by providing
every aspects which they need in their life. Along with this, businesses adopt innovative ideas
and technologies into their internal operations by formulating effective plans and policies for the
main aim to reduce their costs and maximize the profits. There are several inventions has came
into consideration in terms of effective machinery which could not harm the environment. There
are various mechanism which prove to be Eco-friendly so that economies will not suffer from
these changes ( Li, Menon, and Liu, 2019) (Bagheri, 2017).
Kingfisher is a multinational company scattered in UK, London. This company has a
leading chain of retail into household appliance , furnishing and tools. The company has
approximately 1370 stores into eight countries including England. The company focus of
delivering their products and services to the customer in order to make them home accessible and

comfortable. The company focus not only welfare of their customer but also on their
communities, culture and planet in which they are working. They considers all the one as a
family and perform their operation in according to the welfare and well being. They earn their
annual profit approx £544 million and approx sale would be £11.5 billion. The company has
contributed their efforts into innovation for the change in economy by keeping in mind the
environment and and its culture. In recent days, due to the crises of COVID-19 they made
reliable changes into their operations and change their strategy very soon , so that both enterprise
and customer will not get dissatisfaction. They invented new click and collect methods for
customers convenience which gave them options tom select the product as per their choice. Also,
they have made several changes in their E-commerce through which improvisation has done in
fulfilling orders, takeaways, in-stores facilities and many more. These changes adverse their
positive impact on companies sale and profit, this has attain a high growth even at the time of
pandemic crises. Apart from this, to maintain their financial position they have develop various
cost techniques through innovative ideas to make their DIY successful keeping in mind the
market trends. Due to the pandemic people were staying in homes which raise their interest in
DIY. For that instance, they made several cost effective techniques and a valuable product
serving. They bring a innovative change in their banners, by launching two taskforce to
rebalance their IT supply chains and E-commerce this will make easy for customers to reach to
the company through local banners and enjoy their services. Provide products at reasonable price
by maintaining their cost strategy is the foremost motive of the company (Ravichandran, 2018)
In the recent years, kingfisher plc had faced many challenges and crises in terms of their
financial position which affects their performance in productivity and profitability. The
performance was very disappointed in recent years for the company because of their declining in
B&Q, expenses were rising in order to maintain digital facilities, which results in inflation into
the economy. Their profits were fall and came to approx £191m. Apart from these after the
disappointing performance till nine months, the company rises their potential in the situation of
pandemic. In which they plan to make spot changes and innovative technologies in order to
increase their operations and high profits after that they have attain rapid increment in their sales
by 15% of sales margin with tends to higher profits (Ning, Sutherland, and 2017).
These increment has been successful by adopting innovative cost techniques and develop
motives regarding customer and planet welfare. After they have rise in their profit upto £175m.

They have maintain a unique way of proper hygiene and sanitising facility. By promoting
cashless payment and avoid contact delivery at the stores as ell as delivery at homes.
After adopting these strategy the company has immensely grown their sales and profit,
as the data reflects their turnover increment by 10% into their local stores therefore, the other
newly opened stores are still closed due to several government restrictions. But these
technologies and innovative ideas toward e-commerce and digital exposure has been
significantly affecting its operations and and rising customer satisfaction because of cost
effective techniques and eco-frienldy products which serve value towards the economy. They
should build effective techniques for their other stores so that it could also perform well and
indulge professional employees which could raise their critical thinking into an innovative ideas
which is beneficial for the company growth as well as serving to the community and planet.
Task 2
Corporate social responsibilities (CSR)
It is a responsibilities of business organisation which focus on what ta business in doing
for its environment and how it follows the culture and ethics towards its communities. A
corporate business sector need to perform under these criteria so that government would not
interfere in their any operations by making positive contribution towards social well being.
Social responsibilities implies to an organisation to maintain relations with their shareholders,
employees (Zizlavsky, 2016). Whether the organisation is running in small or long run every
business has to work under these responsibilities for their employees, industry and competitors.
Shareholder are said to be a part of organisations profits and their benefits. It is the first and
foremost responsibility of an organisation to fulfil the needs and and pay their dividends before
paying to others. This create a good image of the company amongst investors and the employees.
The investor will be keen to invest in these companies who are loyal towards their shareholders
and ethics. The more larger the organisation the more bigger the responsibilities. Organisations
could boost their brands and goodwill by conducting CSR programmes an d aware other people
worth their responsibility towards the economy.
In UK, corporate governance has been plying its responsibility in analysing the fact that
companies are working in a well manner by fulfilling all the formalities and regulations. Which

focus on continuous learning, research development and strategical innovations into an
organisation. The historical perspective of CSR shows that organisations are free from any
statutory obligations but all the companies ahas to be listed under London Stock Exchange which
requires compliance of annual reports of their listing, the main of this perspective is to check
whether the company is loyal with their shareholders and providing them their rights. This also
include employees bonus are also be listed under the statutory regulations also, remuneration
plan should be decided by non executive directors in order to make an organisation more
accountable and and well transparent in their ethics (Rodríguez, Paredes, and Yi, 2016). The
history of CSR reflects the fact that need for governance control is necessary to attract foreign
exchange which is an another way to be more developed for a country.
Kingfisher work under the ethics and norms to be sustainable and beneficial for
environment by putting efforts towards social and culture well being. The company trained their
employees to be available to accept good things and work under business ethics which reflects
their efforts into reduction of wasteful items and efficiency in energy and also, work towards
greenery and cleanliness into environment. They conduct various CSR campaigns which
promotes and indulges under communities, suppliers and shareholder to be a part of campaign
and work for the organisations ethics. The employees work under the harmony towards social
programmes which hold religious tradition of the country by performing government activities,
community volunteering, corporate activities and other well being of society (Dellermann,
Fliaster, and Kolloch, 2017).
Archie Carroll’s Pyramid of CSR is an effective framework which reflects on the
performance of an organisation in order to prepare and provoke them towards social
responsibilities. This model shows pyramid of four stages which reflects an organisational
motive and their prospective for operating their business. The basic key elements for an
organisation is to make profit which is come first for all instance. earning profit is not enough for
the organisation to survive in the long run, it has bound with other laws and legal restrictions
towards their performance and operations. This can be better understood by below explanation:
It has four responsibilities:
Economic: An organisation has to be phenomenal towards its economy. In order to make profit,
the company should make it by fulfilling social responsibilities to survive for the long run. Long

term growth only could achieve by meeting social obligations which directly impact positively
on companies expansion. In context with kingfisher, the company holds a decent value towards
the social ethics as they focus on eco-friendly packaging by maintaining cost and enamours
benefits which in turns give back in organisations favour.
Legal responsibilities: Government has set many legal obligations and responsibilities for an
organisation as, businesses are running in the government control market. These legal laws
includes taxes fines, shareholders divided, citizenship and all sort of ethics which a business
environments needs to regulate in their operations (Tsou, Chen, and Yu, 2019). Kingfisher
promotes their annual reports in London Stock exchange market through which it reflects their
shares towards employees and shareholders and that creates positive image into society.
Ethical responsibilities: Ethical responsibilities shows an organisations ethics towards their
culture which reflects how tit mange to behave in societies culture and creates a feeling for social
togetherness. These ethics reflects their moral decisions which make an organisation to think for
human resource which are engage in their objective. Kingfisher share a transparent relations with
employee by giving them equal treatment regardless with age, gender, caste and other factors..
this creates a feeling of belongingness tin the heart of employees and make them loyal towards
the organisation.
Philanthropic responsibilities: These responsibilities focus on organisation pay scale,
dividends, shares and interest ton the employees and shareholders. These responsibilities creates
a fair and equal treatment towards every individual which in result gave a positive image of an
organisation into the market (Kim, and Choi, 2018) Kingfisher has adopted the policies
regarding equal pay-scale also, provide them with compensations and benefits in terms of health
and medical facilities.
This model of CSR has shown the significant aspect for an organisation and it is well
needed for society to be aware of their rights and any act of breach the agreement will lead the
organisation come to an end (Nemkova, 2017).

CONCLUSION
From the above report it is well concluded that innovation and technologies has created a
well and essential platform in an individual life whether its a student or an entrepreneur .
Innovations adopt changes and customer require changes, organisation could be flexible and
ready to perform in the dynamic market. Innovation make work simpler and profits higher. By
analysing the CSR model of Archie Carroll’s Pyramid, it has framework of four pyramid which
set norms and responsibility under government provisions in order to prevent right of
shareholders and employees indulging with the organisation.

REFERENCES
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