Role of Technological Change in Economic Progress and Corporate Social Responsibility (CSR)

This report discusses the role of technological change in economic progress and the importance of corporate social responsibility (CSR) for organizations, with a focus on Next Plc. It covers the definition of innovation and technology, the effects of innovation and technology on economic growth, and how business organizations use new technologies in their operations. It also explores the concept of corporate governance and CSR, the history of corporate governance in the UK, and Archie Carroll's CSR model. The report highlights the benefits of CSR for organizations, such as improved public image, increased customer engagement, and greater employee engagement.

Business
Environment

EXECUTIVE SUMMARY
The key purpose of this report is to know about the business and its environment that are
related to its factors which are affected in business. It also involves the manner that how it will
get affected to the company or management of business and it’s significant for management for
future business outlook.

Contents
EXECUTIVE SUMMARY.............................................................................................................2
INTRODUCTION...........................................................................................................................4
TASK 1............................................................................................................................................4
Role of technological change in economic progress...................................................................4
A brief overview of company and practical illustrations of operations, sales and the profits
Overview of chosen company...................................................................................................5
TASK 2............................................................................................................................................7
Corporate Social Responsibility (CSR).......................................................................................7
Archie Carroll’s (1991) CSR model............................................................................................9
CONCLUSION..............................................................................................................................10
REFERENCES..............................................................................................................................12

INTRODUCTION
Business are term as the economic system through which product and its facilities are get
exchanged with the objective of making income. In context to the business environment it will
involves of various internal and external factors that will affect the managerial operations. As
there are various sort of the terms that affect the business and its operations like suppliers,
competitors, technology, legal laws, market, economic trend and many more (Shamsuddin,and
et.al., 2020). The management consider in this report is Next Plc. It is a
British international clothing, footwear and home products retailer that has its headquarters
in Ender by England. It offers marketable and economic services and facilities to public as
effectively. Next Plc’s environment has been provides various sort of the prospects and it is
essential to determine the several field of area opportunities to enhance the presentation and
performance of the business as effectively.
TASK 1
Role of technological change in economic progress.
Define innovation and technology
Business innovation is termed as to introduce new practises, facilities and the products to
affect the progressive changes in the business management with the objective to increase the
profitability and productivity in the business. It will involves the manner for enhancing the
present approaches for formulating the new set of orientation in the business. Eventually the
objective and the target is to strengthen the business section to make the new value of cost by
increasing the development and the growth for more profitability and productivity as efficiently.
Business technology is termed as the manner of the applications of science, data,
engineering and source of information and data for business roles for the accomplishment of the
financial and performance objective in the business (Bellucci, Bini, and Giunta, 2020). It follows
the main division of technology with the thought of idea to change the term of the manner that
how it will affect the management and market. It also involves the when technology change
dynamically it sources the section that an incapable to allow the variations to manage the terms
of the values.
How innovation and technology have contributed to the economic growth of the country.
Effects of innovation

Technological innovation will brings the term of the advantages. It will maximise the
efficiency that brings the inhabitants new and better products and facilities that will enhance their
total average of existing divisions as effectively. The benefits of the term of the invention that
are from time to time as slow to emerge. As it will frequently fall the manner that are generally
as across to the entire population. As those who know the section to manage the poor and future
generations that have little or no political influence in the business.
Effects of technology
The mechanisms by which technology is advanced, adopted and utilised in production
that are complex (Jabłoński, and Jabłoński, 2020). Their more detailed analysis will allow the
manner for new variations that have important impacts in various field of the areas of the policy
that will involves the science policy, research and development, industrial policy and also the
both national and local growth policies. In context to the concept of technology it have the term
of separate and social abilities that need for its development and growth that are leading to
probable contributions that will have impact on economic growth.
Describe how business organisation use new technologies in their operations.
Next plc forms the main section of the objectives in the market that has long sections in the
digital advancement of the mainstream fashion. Although there are various sections that have
maximise their concentration on women’s fashion that follows the basic set of the brand with
their plan of actions in technologies that are as follows –
Virtual events – The term of the virtual event is consider the manner of showing the products
and their facilities by virtually to their consumers (Franco, and Haase, 2020). It saves the time
and demonstrating cost by which the consumer will easily select their favourable products and
pay for it by just one click.
Adapting to the new room – The manner of adapting new room relates to the applying new
digital strategies for formulating their operations in technical field of areas.
A brief overview of company and practical illustrations of operations, sales and the profits
Overview of chosen company
Next Plc is formed when J. Hepworth and Son Gentleman's Tailors buys Kendalls, an
similarly traditional 78 store of the women clothing chain. NEXT PLC employs over 27,000
persons and meanings 290 stores in the United Kingdom and as well as 40 stores in Asia,

Continental Europe and the Middle East. It makes the Next Plc the high retailers in the United
Kingdom that offers home shopping and monetary services and facilties to consumers.
Describe the new technologies and how they are being used by Next Plc.
 Next Plc. retail operates the high street shops in the United Kingdom with the section of
various sort of the virtual rooms in the business
 Next Plc. directory is the mail order division that formulates the online services and
facilities to their consumers as effectively.
 Next Plc. overseas operates international retail outlets by which business fix their ratios
that relates to the digital sources of technologies in business.
 Next Plc. runs the financial services division that serves the product facilities to various
consumers of the company.
 Other activities that involves in the business like telecommunication software services
and property management are all consider in the new set of technologies that are operates
in the Next Plc company.
Compare the sales and profit of the company before and after the new technologies were
introduced
Next Plc has performed well in their financial year. The interest in the income has been
increased as per to the +7.3% on the last year and net year profit that will increase in +15.3%. It
has been phrased the growth rate in interest of the income that has been follows the sources to
maximise the credit sales by rising in the APR in November 2018 (McElwee, and Atherton,
2021). As it also involves the credit sales that are rise by +3.5% and it also involves the

+2.5% rise in credit consumer base in the market. The company consider the following fact of
the credit sales as per to the consumers that are rising the main section of the result to maximise
the product and its availability in the market field of area.
Profit Margin for Next Plc.
2019 % 2020 %
Sales 7550 4896
Cost of sales 8990 5226
Gross profit 6558 45.4% 5310 47.5%
Expenses 5236 5330
Net profit 125 18.6% 110 17.5%
Figure 1 Sales Margin for Next Plc., 2020
TASK 2
Corporate Social Responsibility (CSR)
Define corporate governance and corporate social responsibility (CSR)
Corporate governance
Corporate governance is the set of arrangement of the regulation and rules of the process
by which rules and laws in the business are get functioned, controlled and get measured (Quinn,
and et.al., 2020). The term of the business get involves the internal and external factors to affect
the benefits of the business’s investors that will involves the investors, consumers, traders,

management supervisors and administration. As the board of directors is also responsible for
generating the structure for corporate governance in the form to support the business that conduct
the manner of the targets and objective (Mdehheb, and et.al.,2020). The board of directors will
get continue the manner of the commitment to make certain the various sort of the sections as per
to the liability, impartiality, variety and transparency in the corporate governance. It also
involves the board members that are also own the suitable services with essential terms of the
analysis management in the business as effectively.
Corporate social responsibility (CSR)
Corporate social responsibility (CSR) is termed as the self-regulating business model that
helps in the business with the social and liable manner with shareholders and the public. By
working in the corporate social responsibility that are also called corporate citizenship companies
that can be aware of the sort of the type of impact that they are including in the economic, social,
and environmental. Corporate social responsibility is the manner of the broad concept that are
depends on the company and the business as effectively. Next Plc. have consider the various sort
of the steps to enhance the environmental sustainability of their procedures by measures the
effectiveness in the business.
Brief history of corporate governance in the UK
Corporate governance is the word that hardly happened with the manner that includes the
sections in the commercial. Now it is term as the common manner to practice not just in business
but also in contributions, academies, local consultants in the business as effectively. It has
become the division in the shorthand for the way in the section in an organisation with the
orientation run with specific importance on its responsibility, reliability and risk organisation as
effectively (Rissanen, and et.al., 2020). The task of taking the section to move it forward that
was passed to the economical and financial reporting council (FRC) it is mannered it in the body
that are established by government and will get involving the members from an industry,
commerce and the professions as effectively.
Importance of CSR for organisation with the particular emphasis on Next Plc.
 Improved public image – It is critical as per to the consumers assess the section of the
public image by deciding to buy from the orientated business. As like to the staff
individuals in the offering to an hour or the week at a contributions that shows that the

manner in the brand dedicated to helping others as effectively. As the result that has
seems to be much more constructive to customers as effectively.
 Maximise the brand awareness and acknowledgement – It is termed as the term that
are dedicated to virtuous sections that allows to spread the section in the business (Çop,
Olorunsola, and Alola 2021). As more individuals that knows about the brand and its
goodwill that generates and will maximise the brand terms in the business.
 Cost savings – As it term and get simple in the changes in the term of the goodwill of
sustainability, such as using less packaging, will help to decrease your production costs.
 An benefit over competitors - By assuming the Corporate Social Responsibility that
stand out from contestants in the commercial. It involves the term to establish the section
in the company that are committed to measure with more sections that are considering
social and environmental factors in the business as effectively.
 Increased customer engagement - If the term that are using as the sustainable systems
that have the rooftops. Post it on the section of the social media that channels to create the
manner of the story out of the efforts in the business. It follows the shows the efforts to
local media outlets that hope that they will give it some analysis in the business. The
consumers that will follows the sections that will involves the product and actions in the
business as effectively.
 Greater employee engagement – It is term that to customer engagement, that are also
need to certify that the workers to know the CSR plan of actions. It’s verified that
employees that are enjoy the working term as more for the business that has good public
image than one that doesn’t (Josephine, and Onuoha, 2020). Likewise, by showing that
are dedicated to things that are like human rights that are more likely to influence and
maintain the top applicants.
 More welfares for staffs – As there are also involves the variety of the profits for the
staffs when they are includes in the CSR. In the workplace it will be term as the more
constructive and creative place to operates and by stimulating the things like offers to
reassure the financial terms in the personal and professional growth and development.
Archie Carroll’s (1991) CSR model.
Demonstrate an understanding of the for areas of CSR as identified by Archie Carroll

 Financial responsibilities – It might be seem an unusual term to think about the financial
probability as the social responsibility as but it is what it is because culture supposes,
certainly needs the term in the business management to be able to stand the section that
are likely that are being cost effective and able to incentivize holders and the shareholders
to capitalise and have the enough capitals to remain in action.
 Legal responsibilities – The term of the society that has not only authorized business
that has an economic objects but it has also recognised that the marginal section that are
rule in which business are probable to function and purpose as effectively (Alshahrani,
2020). It involves the legal responsibilities that are performing the roles and terms as per
to the rules and laws as effectively.
 Ethical responsibilities – The term of the ethical responsibilities that has been implies
that management that will hold those activities, actions, norms, standards and practices
that are not organised into law that are expected in the business.
 Philanthropic responsibilities – Corporate philanthropy will involves all the forms of
business in the giving phrase. The section of the corporate philanthropy that will also
holds the manner of the business and their voluntary or discretionary activities (Leminen,
and et.al.,2020). Philanthropy or business giving that are not be the responsibility in the
accurate sense, but it is usually predictable by management in the recent time to be the
part of the everyday that have the outlooks of the public as effectively in the business.
Generally, the amount and nature of these actions that are voluntary and discretionary in
the business of management.
CONCLUSION
From the above mentioned report it has been concluded that, business environment is an
important for the management to determine the flaws and pressures. The business that might be
strong in positive field of the areas and it may be pathetic in various sort of the areas. The firm
that will determine the weaknesses and threats so that to correct it as possible. It will help the
management to minimise the risk management of getting the section as the failure in their
functions and development in the new product.

REFERENCES
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