Importance of Innovation and Corporate Social Responsibility in Food Business

INNOVATION

Contents
INTRODUCTION.......................................................................................................................................3
MAIN BODY..............................................................................................................................................3
Importance of innovation in food business and its impact on organization..............................................3
Importance of Corporate social Responsibility........................................................................................6
CONCLUSION...........................................................................................................................................8
REFERENCES............................................................................................................................................9

INTRODUCTION
This report helps in understanding about importance about innovation in any industry and
organization. This report helps in understanding about process of innovation and benefits of
innovation in current competitive environment. This report also helps in understanding about
social responsibility of an organization towards society and its people. Regular monitoring of it's
market's movement in reaction to future changes or changes in customer demand is what
business model innovation involves. By using method of acquire, create, and collaborate
approach, company executives may adapt to changes by taking full advantage of consumer
intelligence. Whenever a business is challenging the marketplace, a business could acquire it,
create it itself, or collaborate with that as well.
MAIN BODY
Importance of innovation in food business and its impact on organization
Businesses innovate by introducing innovative procedures, thoughts, activities, or commodities
with the objective of increasing profits. That might include introducing newer and better
merchandise (that could contribute to greater income), improving the efficiency of an existing
system, or resolving a present financial issue (both of which cut down on costs and save time).
Corporate advancements can indeed be generated by a company's concentration on creativity,
idea generation, or the development of an innovation centre. The most important aspect of
creativity is that it generates money for the business.
This food industry's essence is creativity, which is required for profitability and growth. Market
demands and needs are always changing, and marketers are continuously looking for new items
to fulfill them. Stable and supportive companies will arise from organizations that have a deep
grasp of their customers and markets. Foods firms would have a structured, commodity
innovative framework in place to successfully implement all phases of the system in order to
achieve this.
This report explains how to use a systematic method to creating new ideas, choosing those which
satisfy customer wants, their company's strategic goals, and managing innovation. This report
helps in understanding about impact of innovation and technology on Admiral Group and how