Impact of Innovation and Technology on Economic Progress

PROJECT

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
1. Evaluate different types of innovation and technology and its impact on the economic
progress of the nation with specific emphasizes on business organisations................................3
2. Ways in which how innovation and technology have impacted the operations, profits and
sales..............................................................................................................................................5
TASK 2............................................................................................................................................6
1. Significance of CSR for the company..................................................................................6
2. Application on Carroll’s CSR Pyramid in Ryanair..............................................................7
CONCLUSION..............................................................................................................................10
REFERENCES..............................................................................................................................11

INTRODUCTION
Projects are basically the individual or the collaborative enterprise which is carefully
planned for achieving the particular aim and objectives. Ryanair is a low-cost Airline whose
headquarters are in Swords, Dublin where it performs all its primary operations. This also forms
the largest part of Ryanair holdings airlines family having many sister Airlines including Ryanair
UK, Malta Air etc. It is also considered as the largest European budget airline including the
scheduled passengers and there are many international passengers as compared to the other
airlines (Ryanair, 2020). The report basically focussed on the innovation and technology along
with giving the practical examples. It also shed light on the ways in which new technologies are
used by the business operations along with the ways in which Ryanair uses the innovation and
technology and faces the rapid growth. Importance of Corporate Social Responsibility will be
highlighted and the Archie Carroll’s pyramid of CSR will be shed light in context of Ryanair.
TASK 1
1. Evaluate different types of innovation and technology and its impact on the economic
progress of the nation with specific emphasizes on business organisations
Innovation and technology
Innovation is the process of creating, development and implementation of the new idea or
new product or services. with the goal of influencing efficiency or competitive advantage. In
other word, innovation is an idea that has been modified into practical reality. While technology
is the study and transformation of tools, techniques and machines developed by human. Both
innovation and technology play vital role in the business that innovation enhances the chances to
react to change and discover new opportunities (Tian and et.al., 2018). It can also support foster
competitive advantage as it allows to develop the better product and services for the customers.
On the other hand, technology supports business to gain competitive advantage.
Evaluate contribution of innovation and technology towards economic growth of the nation
There is a great example of Ryanair company which offer airline services to the
customers. This innovation was beyond from the people expectations like company thoughts that

something happen like that people can fly in sky then they adopt Blue Ocean Strategy (BOS) to
bring something innovative thing. As resulted Ryanair company proposed airline services to the
people which was beyond from customer expectation. While technology factor supports Ryanair
company to improve customer’s travelling experience. With the support of digital platform
company enables to offer online airline booking services to the customer and create awareness in
customer about it’s brand (Morrar, Arman and Mousa, 2017). Thus, technology also has led
advance growth in the Ryanair success. Innovation and technology factors are not only supported
company to gain competitive advantage in airline industry but also it enhances growth of the
nation. Contempory business environment is highly changing in the digital transformation world
because there are various companies and brands are emerging with high innovation and wide
funnel of creativity through which individual can look for ethical working measurements and
higher working operations which can make them more career-oriented. One of the major
advantages of the innovation is that it helps to improve quality of existing product and services
through which company can gain profitable outcomes on the business. When companies enable
to improve profit margin ratio and market share of specified product that ultimately brings high
economical growth in the UK. On the other hand, technology factor allows different companies
for more efficient production of more and better goods and services that directly bring economic
growth of the nation. There has good technology and innovation performance due this UK has
good GDP rate among potential nations.
Describe how business organizations use new technologies in the operations
Ryanair uses new technologies i.e. internet and social media on it’s business operation
through which it enables to create awareness in customer about it’s different product services and
differentiate it’s brand image from others (Leon, ed., 2020). For example, marketing
representative of Ryanair uses social media platform i.e. video tutorial and give brief information
about Ryanair’s airline services, benefits and advantage of it’s offered services, holiday packages
etc. through which it enables to improve buying behaviour of customer for it’s services. In
addition, it provides online booking services along with different types of payment methods
which influences customers to buy it’s services at good cost. Thus, new technology brings
positive impacts on organization’s success.