Impact of Innovation and Corporate Social Responsibility on Future Plc
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This report discusses the impact of innovation and corporate social responsibility on Future Plc, a British global multimedia platform. It explores the role of technology in economic development and the importance of CSR within the organizational context.
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Business Environment(011)
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Table of Contents INTRODUCTION...........................................................................................................................2 MAIN BODY...................................................................................................................................3 Task 1..............................................................................................................................................3 Demonstrate understanding of innovation and role of technology on economic process of company......................................................................................................................................3 Role of mass media & technological innovation in economic development..............................4 Overview of Company................................................................................................................4 Task 2...............................................................................................................................................6 Evaluating importances of corporate social responsibility within organisational context..........6 Responsibilities of board of directors to stakeholders of respective organisation......................7 Archie Carroll's (1991)CSR model analysis...............................................................................8 REFERENCES:...............................................................................................................................9 CONCLUSION..............................................................................................................................11
INTRODUCTION Businessenvironmentconsistofvariousinternalandexternalfactorsthatimpact functioning of a business. Managers use these factors to identify external opportunities, gather appropriate resources to run operation at workspace, enhance overall personnel performances and productivity. Following report comprise of two assessments that discusses about impact of innovationaswellasitscorporatespacialresponsibilitiesundercorporategovernance. Innovation has impact on both micro and macro environment of company. One such organisation is Future plc a British global multimedia platform founded in 1985 headquartered at Bath, United Kingdom. Respective firm is famous for its published magazines in fields of technology, films, photography,music&educationchannelsetc.BelowAssessmentsalsoexplainsCSR importances as well as appropriate model within corporation context. MAIN BODY Task 1 Demonstrate understanding of innovation and role of technology on economic process of company Technologicalinnovationtodayisaprimaryneedforgrowthofeverybusiness. Innovation therefore can be defined into two ways that is development of new technology product and launch of new idea or device. Changes in media products or services in context with chosen firm have come up with current development in innovation as well as media research programs. Understanding Innovation:Process of innovating a product or service require sufficient resources and financial assistance for development or success of theta innovative technology. Innovation therefore is a key strategic tool that should be kept in high priority to gain competitive advantage over other competitors in market. In relation to chosen firm, is able to mobilise easily in market through innovation by use of appropriate skills, experiences and knowledge of media platforms. Innovation therefore is used by respective firm to create and launch new products in industry helping manager increase overall revenue outcomes in future (Hamilton and Webster, 2018). In relation to Future plc, technology have impacted at large in economic development described as :
Overview of Company Future Plc is a British global brand known for its multi- medial platform and commercial solutions. This is a private limited organisation headquartered in United Kingdom. Main products and services provided by global platform are lead generation services, advertising solutions, future fusion, digital licensing, sales & distribution to other party publishers and best content solutions. In relation with Future plc, innovation has impacted following factors discussed below- Operations:Management of company operations going on within internal environment of business deals with various functions including, planning, organising, controlling, distribution, coordination and information data etc. In context with Future plc, with launch of new innovative products such as social media promotions, internet services, website, and CRM systems to make recent news available to global world in no time(Cabrilo, Kianto and Milic, 2018). Adoption of such innovative methods have helped selected entity save time, reduce cost expenditures and improve communication amongst different field departments. Sales:This factor is significant to determine actual growth of business by doing maximum sales with optimum utilisation of firm's resources. Virtual exhibition programmes are conducted by Future plc at timely set innovation weeks by journalists or media managers. The Innovativetechnologyprogrammescompriseofconsumerelectronicsshow,partner programming technology, demo video sessions & audiovisual news interviews etc. Virtual industry exhibitions consist of honour awards that increases consumer & workforce engagement. The awards therefore are classified into Future 50 individuals, readers choice magazines, future editorial choice and tech hall of fame awards respectively. Profits:Profitability factor determines financial position of business in market industry. Marketing media researchers have identified various ways through which company can establish its brand image and create awareness about company products or services amongst potential customers. In relevance with Future plc, managers offer different promotional benefits such as unlimited paid time off's, pool bonuses to staff, free subscriptions of digital magazines etc. to increase profit margins. The portal of company website provide employee assistance to enhance their productive efficiency levels with appointment of actual staff socials(Lecerf and Omrani, 2020).
Technological innovation:Human capital is an important asset to organisation that requires consistent training as per dynamic nature of business. Therefore, Future plc encourage its employees by providing them online professional qualifications, challenging business project tasks etc. This help staff workers stay motivated align their personal developmental goals with organisational objectives. Economic growth:Innovation has broadly affected society both positively or negatively. Use of technology software have reduced long chain of hierarchy levels, manual labour work as well as initiated quick access to current trends & news. Reporters are now able to communicate with large sections of society through virtual television channels(Sitorus, 2017). Future plc have been successful been adapting to new innovative solutions to operate ensuring suitability of business in long run. These includes use of environment friendly products, digital media, less use of print media, optimum utilisation of scarce resources through technology etc. In relation with Future plc, social media platforms is also an innovative tool to promote business operation and keep potential customers updated with latest information of company. Managers have created an attractive website that showcases various elements consisting of brands, commercial solutions, future investments, overview of company, career opportunities, blogs created and contact details. Task 2 Evaluating importances of corporate social responsibility within organisational context Corporate social responsibility is a process undertaken by corporations to bring a positive impact on business environment & society as whole. It consist of various policies or practices performed to minimize externalities of environment, promotion of volunteer-ism among staff members of firm and promote charity initiatives etc. Mass media platforms today embrace various digital technologies that promote innovation as way to communicate with people globally. Corporate governance This term is a combination of different rights or responsibilities distributed amongst broad of directors, managers, shareholders and stakeholders of firm. In relevance with Future plc, managers give commitment towards following various CSR policies including, ethical contribution to economic development(Sabahi and Parast, 2020). The firm is also successful in
providing better living standards to workforce & their family as well as contribute towards society and local communities. Importances Acceptability of law rules:Corporate governance help chosen firm apply laws in a fair manner by improving process of drafting, implementing and issuing of policies & regulation for media platforms. The acceptance of laws stated by government and organisation is important to follow to create goodwill and brand awareness among society(Matthyssens, 2019). Moral integrity:In relation with Future plc, corporate governance motivates employees to perform their respective duties as per moral & cultural values in business environment. This help organisation teach their staff individuals on being honest, trustworthy and disciplined towards work. Trust and transparency:It is important for any corporation to maintain transparency of its activities towards society. In relation to Future plc, make sure working processes of media firm are disclosed fairly to general public, employees and shareholders of firm. Equal participation:Futureplcprovidevariousopportunitiestofreshersinmass communication field as well as new programs to train existing staff members. This si one through consistently giving employees challenging tasks regarding with dealing various macro & micro environmental problems. Responsibilities of board of directors to stakeholders of respective organisation Major responsibilities of company board directors to internal & external stakeholders in corporate governance are as follows: Manage recruitment processes:Responsibility of board members of chosen organisation is to find sustainablecandidatesfor specific positions. Corporate governance allows HR department of Future plc to hire skilful managers, evaluate their performances and compensate them as per their competencies to retain them in long run(Expósito, Fernández-Serrano and Liñán,2019).Theprocessconsistofapplications,selections,offerletter,inductionand orientation of manager. Provide direction to organisation:Major role of directors of chosen firm is to direct its managers in understanding vision of organisation & its ultimate goal to be established as general manager. Directors main role is to guide managers on how to formulate plans, evaluate daily
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functions, complete social responsivity etc. to contribute towards establishment of goals within desirable time period. Develop appropriate governance system:This is a systematic framework of policies that are to adopted by managers set through corporate governance. In content with future plc, make sureitspoliciesdonotprovokeanyoffensivecontentonmediachannelorplatforms. Governance systems consist of mainly four models that includes Manager focus, Proactive board, Representation geographically and Community representation. Build effective relationships:Communication & coordination play significant role in an organisation. Directors in board therefore make sure that they coordinate and maintain good relations with CEO or general manager at workplace(Bresciani,2017). The duty here of directors is to conduct consistent meetings weekly monthly or annually as per requirement of assistance to managers. Fiduciary responsibility:This duty is usually conducted to protect company assets & investment of shareholders. Board of directors responsibility is to protect interest of organisation bymakingsurethatcompanyassetsarekeptinspecificordersystematically.These responsibilities comprise of company's plant, resource equipments, facilities, human resources etc. Control & monitor functions:board of directors perform monitoring & control functions to conduct auditing process in a timely manner each year. In relation to Future plc, managers are divided into appropriate groups of functioning.Evaluating correct model to be applied will impact success of business. Archie Carroll's (1991)CSR model analysis The following four areas are covered under this CSR model with its application to chosen firm that is future plc discussed as follows- Philanthropic responsibility:This includes all type of business giving to public or society as whole. Future plc carry out various activities to complete its responsibility of participating in social operations ethically. These include monetary gifts, pollution control campaigns, natural product use, donations, community enhancement and environment friendly product launches etc. Ethical responsibility:Organisation have to fulfil various ethical responsibilities to meet up expectations of business. In relevance with chosen entity, board of directors create ethical
norms and moral values to be followed by managers to meet goals of business. Media management ethics include range of standard norms, principles, values and expectations of society(Matthyssens, 2019). Ethical responsibility therefore includes obeying of organisation rules, communicating with general public effectively, taking responsibility & accountability of various functions, respect individual within a team. Legal responsibility:This responsibility consist of laws that are made under governance of wither state, federal or central government of country. In relevance with Future Plc, board of directors have various legal responsibilities comprising offair business practices, codified ethics, operational & functional rules etc. There are various legalities of content issuing that media company has to follow making sure any ones beliefs, religion, caste or creed is not provoked by the content published over media platforms. Economic responsibility:Sustainability of business in society is important to gain productivity & profits in long run. Therefore, future plc conducts various methods of research analysis that includes surveys, environmental discussions, sessions of economic issues etc. to determine expectation from social responsibilities in media industry. For earning huge profits, adding value to society positively by influencing people in business environment is important. Future plc have made availability of resources at reasonable ratessuch as free subscription of magazines and live sessions to encourage people in society participate on regular basis. The above model has helped Future plc, use corporate governance to complete social responsibilities under four categories of people, purpose, process and performances. People are the founders, directors, stakeholders and observing researchers of chosen entity. These human resource are ones who are responsible for recognizing purpose of work with organizing it by developing a consistent process(Sabahi and Parast,2020).The next step is main purpose behind guiding principles of company. Process is third step of corporate governance that help directors of future plc analyse manager performances. Thee processes are future innovated and modified as per upgraded technology. The last step is performance that comprise ofactual outcome derived from manager processes adopted under governance. The assessment shows various forms of responsibility fulfilled by board of directorates towards social responsibilities of business. These comprise of legal ethical economic and philanthropic responsibilities. The performance of manger can be evaluated through rating analysis, reward pointers, methods of
appraisal etc. to ultimately fulfil societal responsibilities as well as use innovation in best possible way.
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CONCLUSION The above part of assessment showcases impact of innovation & technology on mass media corporations. These include adoption of appropriate innovative products or services to improve business operations. In order to create a brand awareness as well as establish a brand image chosen firm have took into consideration certain factors that determine growth of innovation. The factors consist of sales, profitability and operations management. Following assessment also explains innovation technology & its impact on economic growth of global medial platforms. The report showcases various innovation tools and techniques such as use of social media platforms to reach up-to maximum people across worked with attractive and engaging content regarding media or news. The following assessment concludes second part of management report that consist of corporate social responsibility of business in dynamic environment. The report explains role of corporate governance in assigning roles & responsibilities to various stakeholders consisting of board of directors, managers and shareholder. Below assessment also shows application of Archie Carroll's model of CSR within chosen firm's context. Following assessment explains various steps of corporate governance used to complete social responsibility of business. The report also explains how technology can be used to fulfil objectives of business be it social goals or objectives.
industry.British Food Journal. Expósito, A., Fernández-Serrano, J. and Liñán, F., 2019. The impact of open innovation on SMEs’ innovation outcomes.Journal of Organizational Change Management.
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