Innovation and Technological Change in Economic Progress

Innovation

Table of Contents
INTRODUCTION......................................................................................................................3
TASK1.......................................................................................................................................3
Demonstrate your understanding of innovation, and the role of technological change in
economic progress..................................................................................................................3
A brief overview of your chosen company, and practical illustrations of how innovation
has impacted the operations, sales and the profits of your chosen company.........................4
TASK2.......................................................................................................................................5
Briefly discuss corporate governance, including the responsibilities of the Board of
Directors to the stakeholders..................................................................................................5
Explain the four areas that make up corporate social responsibility as identified by Archie
Carroll....................................................................................................................................6
CONCLUSION..........................................................................................................................7
REFERENCES...........................................................................................................................9

INTRODUCTION
Innovation can be defined as an activity done by an individual to improve the existing
product or bring new technology product within the market so that it can satisfy the needs of
the customer and retain them for a longer period of time (Bain and Kleinknecht, 2016). In the
present report, the chosen organisation is Aston Martin, it is a British sports car manufacturer
which is famous for its highly designed and strong cars. In this report there is discussion
about how the innovation and technology changed the economic progress as well as impact of
innovation on different areas of Aston Martin including operations sales and profit. This
report is also discussed on the corporate governance and the corporate social responsibility of
the organisation where the responsibility of board of directors towards the stakeholders will
be discussed. In the end of this report there is discussion about Archie Carroll model related
to corporate social responsibility in context of Aston Martin.
TASK1
Demonstrate your understanding of innovation, and the role of technological change in
economic progress.
Innovation: It can be define the process which is directly related to creation of
different products and ideas for the business so that these new ideas can be implemented for
improving the services and creating a dynamic product which can satisfy the needs and
requirement of customers. Innovation is the key of success for the every organisation because
it directly impact on the economic condition of the firm as well as attract large number of
customer because of innovative products and regular changes in the product which will help
in reducing the chances related to decreasing marginal utility of product.
The role of technological change in economic progress
Changes are directly related to economic progress this is because technology is inbuilt
of unit of knowledge in tools which are directly related to the resources link to the process of
producing goods and services efficiently and innovative. Updating in technology is helpful in
economic growth and development where different opportunity will come across to the
organisations and their business by adopting regular changes in business functions. Some of
the factor which shows the technology is directly linked to the economic process are
mentioned below:
Efficiency: Changing technology will directly contribute to increasing the efficiency
of the business outputs where the rate will be increase by allowing the large quantity of the
product to the organisation and enjoying the economy of scale benefits.
Bring specialisation: Adoption of new technology in developing new methods for
achieving the goals and objectives of the organisation will bring specialisation within the
economy this is because by the adoption of technology organisation will use effective
division of labour as well as specialisation within the job so that it can contribute toward the