Assessing the Impact of Innovation and Business Ethics on Big Yellow Group PLC

BUSINESS ENVIRONMENT: CORSEWORK
WRITTEN PROJECT
BUSINESS REPORT
Student ID :
Word count : 2500 words
Project Deadline :
Project : 011
Module : MOD003353
Module Leader :
Semester/Trimester: 2
Academic Year: 2021/2022

TABLE OF CONTENTS
EXECUTIVE SUMMARY 3
1.2. Assessing the impact of innovation on modern business organizations...................................3
1.3 Researching, Analysing the application of Innovation to Big Yellow Group PLC...................4
1.4 Assessing the impact of business ethics and Corporate Social Responsibility on modern
business............................................................................................................................................5
1.5 Researching and analysing the application of business ethics and Corporate Social
Responsibility to Big Yellow Group PLC.......................................................................................6
RECOMMENDATIONS.................................................................................................................6
REFERENCES................................................................................................................................7

EXECUTIVE SUMMARY
This report gives a brief idea of business organizations and business concepts. It highlights the
role of innovation in making a business more effective, competitive and profitable and various
strategies like first to the market and follower strategy using which a company takes advantage
of the innovation. The report then outlines the importance of innovation like automation and
robotics, biometrics, etc. and the advantages of fast follower strategy in The Big Yellow Group
PLC which is a self-storage company. The report then sheds light on the business ethics and a
company’s Corporate Social Responsibilities and Corporate governance and the impact that they
have on the company and also states various arguments like moral, strategic, etc for business to
be socially responsible. It also explains in brief stakeholder theory and different types of
stakeholders. The report then mentions the impact of business ethics and CSR on the Big Yellow
Group’s operations. And finally recommendations like improving its waste management
practices and customer services, etc. are given for the company to overcome its weaknesses,
make its operations sustainable and improve its efficiency.
1.2. Assessing the impact of innovation on modern business organizations.
A business is an organization that is involved in manufacturing, buying or selling goods and
services with an incentive to earn profits. Profit here not only means monetary gains. The
fundamental idea that leads to the foundation of the business is called business concept. All the
planning and strategies are based on this concept.
Innovation can be described as new ideas, methods, etc and implementing them to invent or
introduce new products, goods or services in the market(Kahn, 2018). Innovation in business
means making or developing something new or improving the existing things which includes
ideas, services, products, method flow of work etc. that helps in improving and boosting the
business.
In today’s competitive and constantly changing business environment, innovation plays a key
role in making a business stand out and succeed. The ways in which innovation helps a business
are-
 Increase in Efficiency and Profits
Most of the business innovations help in cutting down the costs and make the processes
sustainable and less time consuming. It also helps in reducing the wastage and increased
efficiency which leads to better productivity due to use of new and advance technology or
methodology(Bloom, Van Reenen and Williams, 2019). This in turn increases the profitability of
the company by providing better output at low cost.
 Improves customer relations