Assessment of Impact of Innovation and Business Ethics on Future plc

This report assesses the impact of innovation and business ethics on Future plc, a British media organisation. It discusses how innovation can help in economic growth, competitive advantage, increased productivity, and more. It also explains the importance of CSR and business ethics in modern organisations. The report concludes that both innovation and business ethics are beneficial for organisations to gain a competitive advantage and sustain their business.

Business Environment

Table of Contents
Introduction...........................................................................................................................................3
Main body.............................................................................................................................................4
Assess the impact of innovation on modern business organisations Future plc.................................4
Assess the impact of business ethics and corporate social responsibility (CSR) on modern business
organisations that is Future plc..........................................................................................................6
Conclusion:..........................................................................................................................................10
References...........................................................................................................................................11

Introduction
Business environment consist of all the external and internal factors that affect the
surrounding of the business directly or indirectly. The organisation has to interact with the
factors so that they can identify the threat and opportunity. In the recent time the environment
is such dynamic that business need to look at these factors and change their environment
according to it. Organisation is the firm which gets the inputs from the internal and external
forces and then provide the products to the environment (Hamilton and Webster, 2018). The
forces that affect the business surrounding are customer, supplier, government, customers,
political, social, technological and many more. These factor either impact directly or
indirectly. All the companies have different surrounding and it differs from place to place and
the area of operation. With the help of business environment companies can identify the
opportunity and strength and tap there threats and weakness. They also help the organisation
to be innovative so that they gain competitive advantage and compete with their rivalry in
effective way. They also help the organisation to perform CSR activities as all business needs
to work according to the society so that they can give something that is needed by the
community (Khajeheian, Friedrichsen and Mödinger, 2018). In this report the company that
is chosen to give the solution of the below two query is Future plc. Future plc is a British
media organisation. The company was founded in 1985. As company is Media Company so
they need to be innovative and should work according to the principle of CSR( Budur and
Poturak, 2021).

Main body
Innovation and business ethic are the sources which help the future plc to gain
competitive benefits. Future plc try to be so innovative in their way that they through which
they also take care of the Corporate social responsibility.
Assess the impact of innovation on modern business organisations Future plc
Innovation means bringing new idea or action. It is the process where organisations
try to do produce something new or implement something which is unique. Invention in
something new will help the organisation to gain advantages and achieve their goals
effectively. If Future plc works on will adopt the strategy of innovation then they will
compete in effective manner. In fact if Future plc want to be successful then they always
create new idea through which they can attract moiré customer toward them. But creating
new idea is tough because it need more invention and creativity (Exposito and Sanchis-
Llopis, 2018). Company need to put lot of emphasis so that they can bring the idea which is
good enough to gain market share. If the organisation adopts innovation then they will get
lots of benefits, which are being discussed below:
 Economic growth: If Future plc invest in the technological innovation then it will
give the benefit of economic growth. Their market value will rise and there sale will
also increase. Technological innovation also helps them enhance their productivity
with decreasing the cost of production. It also help the company to earn higher profit
and enhance their growth ( De Silva, Howells and Meyer, 2018).
 Competitive advantage: Competitive advantage means competing with the
competitor is such a way that the rivalry feel tough to fight with the company. Future
plc has so many competitors such as Timeular, Bobble Al, Maverick software so if
they bring new idea and skills then it will be tough for their competitor firm and they
will get the advantage of competitive. Successful innovation helps Future Plc to keep
their operations, service and product ready to be used in the changing environment.
Innovation helps the company’s chance to react with the dynamic environment and
also help in identifying the opportunities and tapping out the threats.
 Increased productivity: Technological innovation and economic growth reduce the
cost of production and help in producing more product. If future plc also adopt the
strategy of inventing new will help them in producing more magazine in lower price.

This will also help them in decreasing their time and also help them to remove the
repetitive work. If they manufacture the Magazine in attractive way and more creative
ideas then they will get more buyer of it and will maintain a good and healthy relation
with their consumer. This will also help the Future plc to increase their sale turnover
which directly will enhance their profit and also help them to diversify (Anning-
Dorson, 2018).
 Increase their brand image: If the organisation want to enhance their public image
then they should start developing their products and services in more innovative way.
Innovation is the key were companies can increase their brand image. Today the
modern organisation need to work with the new ideas and skills then only they can
survive in this competitive environment. If future plc will adopt new skills and action
then there public image will increase as more buyers will get fascinated towards them
which help them to increase their SEO and if they introduce new concept then people
were aggressively want to get that.
 Innovation help them in growing: if the organisation want to grow and be more
successful and profitable then they need innovative ideas. In many surveys it is been
found that innovation help the business to rank their company is top list and grow
their market share. What people look today is to get those goods and services which
are unique in their way and people feel satisfy to buy that. So if the future plc wants
that they will become the top media producer then this should start designing new
concept and way. This will also help them to create a positive impact towards the
society.
 Innovation keeps organisational relevant: The global around is constantly changing
with great pace. What is needed today may not necessary that it will be needed after
few days. These dynamic changes made the organisation to keep changing their goods
in order to remain relevant and profitable. So it be relevant organisation eventually
need to adapt the strategy of innovation so that they can meet the new realities. So if
future plc want to be relevant and continue to run they also need to acquire this
concept so that they do not face any difficulty in future. These changes also help to
enter in the new market and diversify their portfolio.
 Companies can be differentiating themselves with other: What innovation means
is that doing something that is totally different from others while operating the
business at the space. So if the Future plc wants to be differentiate from other then
there goal must be that do something which is new and no one in the industry can

copy it and no substitute is there like it in the market. Innovation not only
differentiate the company bit also help in utilising the resources in more effective and
efficient manner. Being different from other always deliver value to the buyers and
they feel good to invest their amount on it. This natural success is also being
rewarded and many investors like to invest their amount where they can get profit all
the time.
So if the modern organisation like Future plc wants to survive in the constant changing
environment then they should start choosing innovation as a factor in their company which
needed to be apply each and every time. Innovation has a great impact in the companies and
they not only help to grow but also give new idea and a new way to do the business. The
basic competitive advantage of each modern enterprise is reflected in its ability to innovate its
own business. This strategy is useful to each and every people who are a part of the
organisation. As a customer they provide unique product, as an employee it is used in
developing their existing skills and knowledge and as a organisation help to run smoothly by
tapping the opportunity that lies outside the environment ( Sroka and Szántó, 2018).
Assess the impact of business ethics and corporate social responsibility (CSR) on modern
business organisations that is Future plc.
Companies actions are not only producing innovative product, charging fair price,
paying basic wages and salary but they also need to work according to the environment and
how there action impact the society. Modern organisation need to do work according to the
CSR activities that are been mentioned. Corporate social responsibility is a management
concept whereby business try to integrate with the society and the surrounding while doing
the business operations. There are so many cooperation that are being set up so that they can
share and communicate the useful information to the consumer about the product and
services. CSR is a useful term for both the consumer and the stakeholder. Corporate social
responsibility is different from industry to industry and the organisation need to work
according to the pre defined norms made according to a particular industry. CSR is nothing
but it is an opportunity for publicity that firm can gain from various activity that is
environmental friendly and impact the community in positive way. Future plc should also use
those CSR activities that is nature friendly and does not harm the society. Some of the CSR

activities that future plc should keep in mind are protecting women, environment or removing
poverty from national or international level (Gheraia, Saadaoui and Abdelli, 2019).
Business ethics are those norms and principle which helps the organization to find out what is
wrong and right for their company. There are so many set of standard that are made for
business ethics. These ethics and principles help the company to make decision in more
effective and efficient manner. They also deal with the internal values which is the part of
corporate culture and shapes the external surrounding by defining the responsibility. For
modern organisation it is very important that they should use the strategies which are
bounded by the ethical norms made for stakeholder.
There are so many advantages that can be gained by following the business ethics these are:
1) Build customer loyalty: Loyalty is the main source if organisation wants to retain
customer from longer time period. A loyal customer will help in business success. If future
plc want that they should hold loyal customer or buyers for their media data then they should
not charge unfair prices like overcharging from their buyers. If they do such thing the they
cannot built trust among the buyer which decrease their market share. Also, if company
follows the norms then they can built a good market image of their organisation which help
them to grow and increase profit margin. Organisation reputation also helps in doing mouth
publicity and will this they can attract more customer towards them ( Ben Youssef and et. al,
2018).
2) Retention of skilled employees: talented employees are the key for growth and by them
competition can be cut off. These skilled employees at all the levels of the organisation also
want that they should be paid fairly there compensation should matches with the work they
are doing. Future plc works in such industry where the risk of doing business is more so there
employee also want that if they are doing risk operation then they should pay the amount
which is good enough to cover the risk. So if they are fair enough then more talented workers
will approach and will work with them for longer time period. So if the company follow their
business ethics in an excellent manner then they can open chance for themselves only as they
do not need to invest their money in attracting the employee.
3) Positive work surrounding: Business ethics are not followed by the top manager but the
employee also has the responsibility to be ethical, the way they are working within the
company. There are some ethics and norms that is to be followed by them also. They should

be honest about their skills and capabilities. If the employee follow this then they will work
smoothly with their team member which create an environment which is full of positivity.
But acquiring this a good and healthy relation can also be maintained. The manger should
also trust their employee so that sound working can be maintained. If Future plc employees
also acquire such principle then they can also make an organisation with full of positive
surrounding without any fight and grievances.
4) Avoid any legal problem: If future plc adopt the laws that are made for labour, consumer
and the stakeholder then they will not indulge in any unlawful activity which help them to
maintain a good image. If ethical work are being done then no one can has the right to sue a
case against them (Platonova and et. al, 2018).
There are so many corporate sociall responsibility that future plc as a firm has to be follow
they are:
a) Ecnomiacl responsibility:
 They should perform in a mnner were they consistently enhance the profit per sahre.
 They should be committed in being profitable as possible.
 It is important for them to act in such a way where they are in the position of
competitive advantage.
 They should always need to maintain high level of efficiency while doing operation.
b) Legal responsibility:
 They should work according to the expectation of government and law.
 They should comply all their operation according to the norms made by local, state or
national regulatory.
 They employee who were working is a law abiding corporate citizen.
 It is very important for Future pl to sell those goods and services which have less
legal requirement.
The benefits which can be gained by Future plc if they act CSR:
 Helps them by getting avoided exploitated of various labour and corruptions..

 It will also help them to increased their reputation and profit margin and also help
them in sustaining for longer time period.
 CSR also help the company to maintain a good relation with their employee and
manager in the time of downsizing.
 Also help the organisation to protect their environment.

Conclusion:
From the above report it is been concluded that both innovation and business ethics and CSR
id beneficially. Organisation should use these in their organisation if they want to earn
competitive advantage. Business ethics and corporate social responsibility are considered as
the major factor in developing the business and society. If the organisation want to sustain
and run their business then they need to be innovative and should apply their ethics and
responsibility. Customer loyalty, retention of employee, enhance market image all these
benefits can be attained if they apply all the above two elements in their company. In recent
time the changes occur so frequently so if they want to gain the market profit then they needs
to be innovative and should work according to the needs and wants of the company. From the
above report it is also been concluded that cost of production is also depends upon these
factors and with the help of then this cost of producing goods and services can also be
minimised.

References
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