Impacts of Innovation and Technology on Aston Martin Lagonda

Business Project

Table of Contents
ASSESSMENT TASK 1.................................................................................................................1
Introduction.................................................................................................................................1
Impacts of innovation and technology and how it has affected the sales, profits and growth of
Aston Martin Lagonda................................................................................................................1
Conclusion..................................................................................................................................3
REFERENCES................................................................................................................................4
ASSESSMENT TASK 2.................................................................................................................5
Introduction.................................................................................................................................5
The importance of Corporate Social Responsibility (CSR) for Aston Martin Lagonda.............5
Apply Archie Carroll’s (1991) CSR model to Aston Martin Lagonda.......................................6
Conclusion..................................................................................................................................8
REFERENCES................................................................................................................................9

ASSESSMENT TASK 1
Introduction
Innovation can be comprehensively defined as the practical execution of an idea such that
it brings makes the company successful and well renowned. Innovation can take place in terms
of product, service, process, business model, and so on (Etriya and et. al., 2018). Utilisation of
latest as well as emerging technology is one of the most prominent ways of bringing innovation
within market place. Innovation allows an individual or company to appeal to the people in
marketplace and persuade them to consume the product or experience the service. The present
project seeks to explore the concept as well as importance of innovation and technology for
Aston Martin Lagonda. This is acknowledged to be a global manufacturer of luxury sports cars.
It has its headquarters within Gaydon, United Kingdom. The project consists of the influence of
technology along with innovation upon a business. Also, it includes the way in which they affect
the sale volume, profit and growth of a company.
Impacts of innovation and technology and how it has affected the sales, profits and growth of
Aston Martin Lagonda
Technology is considered to be inseparable from the corporate world. In the absence of
technology, no organisation can advance in an effective manner. Technology even facilitates
businesses to come up with innovation at rapid intervals of time. It will not be wrong to state that
technology makes the lives of individuals as well as businesses more pleasurable and easier for
people. In this relation, it has been acknowledged that technology and innovation have shaped
the life of each and every business entity operating as a part of the economy (Santos, Rezende
and Basso, 2019). They have allowed the organisations to leverage the latest technological
trends, thereby successfully gaining the attention of people towards them.
In this relation, the management of Aston Martin Lagonda realises the significance of
employing innovation and technology. It helps the business to increase its profits and market
share in the long run (Bag, Gupta and Telukdarie, 2018). Innovation and technology hold several
impacts over a business. Some of these impacts are discussed beneath:-
Savings in terms of time, money and efforts – When businesses employ technology as well as
innovation, they are able to save a lot of time, cost and efforts that can now be invested in
productive domains of the organisation (Santos and et. al., 2018). In this relation, it can be said
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that initial investment in technology needs extensive finance. However, the benefits arising from
the employment of technology and innovation exceed the cost invested (Boz and Ozturk, 2020).
Thus, technology along with innovation enable corporations like Aston Martin Lagonda to utilise
the time and money saved and investing it in development of a potential strategy for
improvement of business performance in long run.
Facilitating seamless communication – With the help of innovation and technology,
businesses are able to communicate internally as well as externally in a better manner. There are
several technologies and innovations that can be leveraged for facilitating faster and efficient
communication with a person from any part of the world (Brand and Blok, 2019). Thus, this
allow provides help to the organisations like Aston Martin Lagonda to coordinate with virtual
team members via the usage of platforms such as Egnyte and GoToMeeting. This makes
communication an easier procedure. As a result of this, the organisation gets benefitted in the
long run. Thus, it provides due aid in strengthening the growth and development prospects of the
company.
Adoption of technology and innovation allows Aston Martin Lagonda to instil a sense of
loyalty within the potential leads to get connected with the brand. The long term association of
large number of individuals with brand automatically implies benefits for Aston Martin Lagonda
in multiple contexts such as augmentation of organisational financial performance, increment in
brand reputation, increment of market value and market share of the company, and so on (Zhu
and et. al., 2019). In this relation, it has been determined that the augmentation of organisational
sales, profits and business growth of Aston Martin Lagonda also owe to innovation and
technology utilisation.
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