Impact of Innovation and Technology on Economic Progress and Corporate Social Responsibility: A Case Study of Next Plc

Next Plc

Contents
Contents...........................................................................................................................................2
INTRODUCTION...........................................................................................................................1
MAIN BODY..................................................................................................................................1
TASK 1............................................................................................................................................1
1. Understanding of innovation and technology and their impact on economic progress of
country with emphasis of enterprise............................................................................................1
2. innovation and technology can create impact on operation, sales and profit of company......3
TASK 2............................................................................................................................................5
1. Evaluation of importance of Corporate social responsibilities for organization.....................5
2. Four areas of CSR as identified by Archie Carroll..................................................................6
CONCLUSION................................................................................................................................7
REFERENCES................................................................................................................................9

INTRODUCTION
Innovation and technology refer to a process of using technology for innovation of new idea,
concept, service and product in market (Dougherty, 2017). It helps business to get various
advantage in market as it helps them to increase their profit level and also reduce cost of their
operation. Corporate social responsibility of a company is their duties towards society which
include work for social development and do not affect environment in which they are working.
This project report includes study of Next plc which is UK based organisation providing their
service in international level. Company is providing retail service in clothing and footwear at
different parts of world. This project report includes Understanding of innovation as well as their
impact on economic progress of country and impact of technology on profit, dales of company. It
also includes evaluation of corporate social responsibility of company and explanation of Archie
Carroll’s pyramid of corporate social responsibility.
MAIN BODY
TASK 1
1. Understanding of innovation and technology and their impact on economic progress of
country with emphasis of enterprise
Innovation and technology: Innovation is a process of introduction of new service n
product with helps of technology (Nübler, 2018). In this process technology has been used for
purpose of innovation which increase competitive in market place. Innovation in technology
create many benefits for a business as it helps them to reduce cost of their business and also
saves efforts and time of company. It provides them competitive advantage to a firm and provide
them opportunity to increase their market share.
Contribution of innovation and technology in economic progress: There are various
ways in which innovation and technology contribute in economic progress of country.
Innovation provide various opportunity to country to create employment for people living in that
country. It helps business to use these technologies to sale their product and service to another
country. It also helps people to identify new business idea which create more business in
country. It increases in per capita income of people of that country. There is various other benefit
which contribute in economic progress of country and these are as follows:
1

Provide employment opportunity: Innovation and technology create employment
opportunity in a country which provide employment to various people (Aykol, Herring and
Anapolsky, 2020). Innovation and technology create various business opportunity and to
compete work of business, they need ore people. This need provides employment opportunity to
people living in that country. As next plc is using various new technology which helps them to
increase their business and also create their production level. To fulfil their requirement, they
need more employees to work for them. It helps them in creating more employment opportunity
in UK.
Increase GDP: Innovation and technology helps to create more employment opportunity
in an economy which helps them to increase income of people living in that country. It also
assists to reduce unemployment rate in that country. This will also help to increase growth
domestic product of that economy as it increases buying power of people living in that country.
It also increases their demand and supply for that county. It helps business to expand their
market share at international level which increase their export that s a good indication of growth
of economic progress of country. Next Plc is using innovation and technology to create
employment opportunity in UK and also exporting their goods in various country. This will help
them to increase their production capacity which increase gross domestic product of economy of
country.
Increase national income through tax: Innovation and technology helps people of
particular country to open various business which increase income of people living in that
country (Costantini, Crespi and Palma, 2017). This income also contributes in national income of
country as it allows them to pay tax to government of that country. Next Plc is using innovation
and technology and creating various opportunity in economy of UK and also paying tax to
government of that country. This will create development opportunity in country of UK.
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