Business Environment Report: Innovation, CSR, and Future plc Analysis

This report provides a comprehensive analysis of the business environment, focusing on the impact of innovation and corporate social responsibility (CSR), using Future plc as a case study. The report begins by demonstrating an understanding of innovation and technology's role in a company's economic processes, discussing time-saving advancements, specialization, resource utilization, research and industrial expansion, and the role of information technology. It then explores the role of mass media and technological innovation in economic development, particularly in a globalized context. The report then delves into the importance of CSR within an organizational context, examining corporate governance, the responsibilities of board directors to stakeholders, and analyzing Archie Carroll's CSR model. Key aspects discussed include the responsibilities of the board of directors to stakeholders, including managing recruitment, providing organizational direction, developing governance systems, building effective relationships, and fulfilling fiduciary duties. The report concludes with a detailed application of Archie Carroll's (1991) CSR model to Future plc, encompassing philanthropic, ethical, legal, and economic responsibilities.

Business Environment(011)

Table of Contents
INTRODUCTION...........................................................................................................................2
MAIN BODY...................................................................................................................................3
Task 1 ..............................................................................................................................................3
Demonstrate understanding of innovation and role of technology on economic process of
company......................................................................................................................................3
Role of mass media & technological innovation in economic development..............................4
Overview of Company................................................................................................................4
Task 2...............................................................................................................................................6
Evaluating importances of corporate social responsibility within organisational context..........6
Responsibilities of board of directors to stakeholders of respective organisation......................7
Archie Carroll's (1991)CSR model analysis...............................................................................8
REFERENCES:...............................................................................................................................9
CONCLUSION..............................................................................................................................11

INTRODUCTION
Business environment consist of various internal and external factors that impact
functioning of a business. Managers use these factors to identify external opportunities, gather
appropriate resources to run operation at workspace, enhance overall personnel performances
and productivity. Following report comprise of two assessments that discusses about impact of
innovation as well as its corporate spacial responsibilities under corporate governance.
Innovation has impact on both micro and macro environment of company. One such organisation
is Future plc a British global multimedia platform founded in 1985 headquartered at Bath, United
Kingdom. Respective firm is famous for its published magazines in fields of technology, films,
photography, music & education channels etc. Below Assessments also explains CSR
importances as well as appropriate model within corporation context.
MAIN BODY
Task 1
Demonstrate understanding of innovation and role of technology on economic process of
company
Technological innovation today is a primary need for growth of every business.
Innovation therefore can be defined into two ways that is development of new technology
product and launch of new idea or device. Changes in media products or services in context with
chosen firm have come up with current development in innovation as well as media research
programs.
Understanding Innovation: Process of innovating a product or service require sufficient
resources and financial assistance for development or success of theta innovative technology.
Innovation therefore is a key strategic tool that should be kept in high priority to gain
competitive advantage over other competitors in market. In relation to chosen firm, is able to
mobilise easily in market through innovation by use of appropriate skills, experiences and
knowledge of media platforms. Innovation therefore is used by respective firm to create and
launch new products in industry helping manager increase overall revenue outcomes in future
(Hamilton and Webster, 2018).
In relation to Future plc, technology have impacted at large in economic development
described as :

Time saving: Innovation has helped organisation advance their technology to perform
quick tasks such as delivering or product or service. This help chosen firm save time with
earning good profits top run business operations effectively.
Technology has huge role in getting things done faster as compared to labour oriented
performances. Therefore,Future plc have used social media promotions, chatbots to solve
customer issues, website blogs, website services and online offers to promote their innovations
as well as services offered (Eling and Schaper, 2017).
Specialisation fields: Technological advancement have helped respective firm increase
division of labour as per job specialisations at workplace. Delegation of work therefore is useful
for Future plc increase business efficiency in producing informative content to people globally.
Scarce resources: Technology has ability to use natural resources in most effective
manner contribution towards economy as whole. Future Plc also have used content generation
strategies to do successful advertisement or promotion of their media platforms and current
market news trends published by company (Pérez-De-Lema, Hansen, Madrid-Gujjarro and Silva-
Santos, 2019).
Research & industrial expansion: Rise in employee efficiency within organisation
through proper training & development programs have improved technology within businesses.
In context with Future plc, global specialist media platform have enabled entity to bring rise in
its total outputs turning them into higher profits in future.
Information technology: IT has given freedom to domestic organisation expand their
business internationally across border countries. Innovation has helped Future plc share
appropriate information in no time (Aithal and Aithal, 2019).
Role of mass media & technological innovation in economic development
Globalisation of media require appropriate technology and consistent innovation. The
rapid expansion of new techniques to run a business have given rise to technological
advancement cross borders in media industry. In context with Future plc, managers have
promoted cross cultural development, management of diversity, partnership with global
journalists as well as other social media platforms (Cabrilo, Kianto and Milic, 2018). This help
organisation source skilful talent and outsource useful information.

Overview of Company
Future Plc is a British global brand known for its multi- medial platform and commercial
solutions. This is a private limited organisation headquartered in United Kingdom. Main
products and services provided by global platform are lead generation services, advertising
solutions, future fusion, digital licensing, sales & distribution to other party publishers and best
content solutions.
In relation with Future plc, innovation has impacted following factors discussed below-
Operations: Management of company operations going on within internal environment
of business deals with various functions including, planning, organising, controlling, distribution,
coordination and information data etc. In context with Future plc, with launch of new innovative
products such as social media promotions, internet services, website, and CRM systems to make
recent news available to global world in no time (Cabrilo, Kianto and Milic, 2018). Adoption of
such innovative methods have helped selected entity save time, reduce cost expenditures and
improve communication amongst different field departments.
Sales: This factor is significant to determine actual growth of business by doing
maximum sales with optimum utilisation of firm's resources. Virtual exhibition programmes are
conducted by Future plc at timely set innovation weeks by journalists or media managers. The
Innovative technology programmes comprise of consumer electronics show, partner
programming technology, demo video sessions & audiovisual news interviews etc. Virtual
industry exhibitions consist of honour awards that increases consumer & workforce engagement.
The awards therefore are classified into Future 50 individuals, readers choice magazines, future
editorial choice and tech hall of fame awards respectively.
Profits: Profitability factor determines financial position of business in market industry.
Marketing media researchers have identified various ways through which company can establish
its brand image and create awareness about company products or services amongst potential
customers. In relevance with Future plc, managers offer different promotional benefits such as
unlimited paid time off's, pool bonuses to staff, free subscriptions of digital magazines etc. to
increase profit margins. The portal of company website provide employee assistance to enhance
their productive efficiency levels with appointment of actual staff socials (Lecerf and Omrani,
2020).

Technological innovation: Human capital is an important asset to organisation that
requires consistent training as per dynamic nature of business. Therefore, Future plc encourage
its employees by providing them online professional qualifications, challenging business project
tasks etc. This help staff workers stay motivated align their personal developmental goals with
organisational objectives.
Economic growth: Innovation has broadly affected society both positively or negatively.
Use of technology software have reduced long chain of hierarchy levels, manual labour work as
well as initiated quick access to current trends & news. Reporters are now able to communicate
with large sections of society through virtual television channels (Sitorus, 2017). Future plc have
been successful been adapting to new innovative solutions to operate ensuring suitability of
business in long run. These includes use of environment friendly products, digital media, less use
of print media, optimum utilisation of scarce resources through technology etc.
In relation with Future plc, social media platforms is also an innovative tool to promote
business operation and keep potential customers updated with latest information of company.
Managers have created an attractive website that showcases various elements consisting of
brands, commercial solutions, future investments, overview of company, career opportunities,
blogs created and contact details.
Task 2
Evaluating importances of corporate social responsibility within organisational context
Corporate social responsibility is a process undertaken by corporations to bring a positive
impact on business environment & society as whole. It consist of various policies or practices
performed to minimize externalities of environment, promotion of volunteer-ism among staff
members of firm and promote charity initiatives etc. Mass media platforms today embrace
various digital technologies that promote innovation as way to communicate with people
globally.
Corporate governance
This term is a combination of different rights or responsibilities distributed amongst
broad of directors, managers, shareholders and stakeholders of firm. In relevance with Future
plc, managers give commitment towards following various CSR policies including, ethical
contribution to economic development (Sabahi and Parast, 2020). The firm is also successful in

providing better living standards to workforce & their family as well as contribute towards
society and local communities.
Importances
Acceptability of law rules: Corporate governance help chosen firm apply laws in a fair
manner by improving process of drafting, implementing and issuing of policies & regulation for
media platforms. The acceptance of laws stated by government and organisation is important to
follow to create goodwill and brand awareness among society (Matthyssens, 2019).
Moral integrity: In relation with Future plc, corporate governance motivates employees
to perform their respective duties as per moral & cultural values in business environment. This
help organisation teach their staff individuals on being honest, trustworthy and disciplined
towards work.
Trust and transparency: It is important for any corporation to maintain transparency of
its activities towards society. In relation to Future plc, make sure working processes of media
firm are disclosed fairly to general public, employees and shareholders of firm.
Equal participation: Future plc provide various opportunities to freshers in mass
communication field as well as new programs to train existing staff members. This si one
through consistently giving employees challenging tasks regarding with dealing various macro
& micro environmental problems.
Responsibilities of board of directors to stakeholders of respective organisation
Major responsibilities of company board directors to internal & external stakeholders in
corporate governance are as follows:
Manage recruitment processes: Responsibility of board members of chosen organisation
is to find sustainable candidates for specific positions. Corporate governance allows HR
department of Future plc to hire skilful managers, evaluate their performances and compensate
them as per their competencies to retain them in long run (Expósito, Fernández-Serrano and
Liñán,2019). The process consist of applications, selections, offer letter, induction and
orientation of manager.
Provide direction to organisation: Major role of directors of chosen firm is to direct its
managers in understanding vision of organisation & its ultimate goal to be established as general
manager. Directors main role is to guide managers on how to formulate plans, evaluate daily

functions, complete social responsivity etc. to contribute towards establishment of goals within
desirable time period.
Develop appropriate governance system: This is a systematic framework of policies that
are to adopted by managers set through corporate governance. In content with future plc, make
sure its policies do not provoke any offensive content on media channel or platforms.
Governance systems consist of mainly four models that includes Manager focus, Proactive
board, Representation geographically and Community representation.
Build effective relationships: Communication & coordination play significant role in an
organisation. Directors in board therefore make sure that they coordinate and maintain good
relations with CEO or general manager at workplace (Bresciani,2017). The duty here of directors
is to conduct consistent meetings weekly monthly or annually as per requirement of assistance to
managers.
Fiduciary responsibility: This duty is usually conducted to protect company assets &
investment of shareholders. Board of directors responsibility is to protect interest of organisation
by making sure that company assets are kept in specific order systematically. These
responsibilities comprise of company's plant, resource equipments, facilities, human resources
etc.
Control & monitor functions: board of directors perform monitoring & control functions
to conduct auditing process in a timely manner each year. In relation to Future plc, managers are
divided into appropriate groups of functioning. Evaluating correct model to be applied will
impact success of business.
Archie Carroll's (1991)CSR model analysis
The following four areas are covered under this CSR model with its application to chosen
firm that is future plc discussed as follows-
Philanthropic responsibility: This includes all type of business giving to public or
society as whole. Future plc carry out various activities to complete its responsibility of
participating in social operations ethically. These include monetary gifts, pollution control
campaigns, natural product use, donations, community enhancement and environment friendly
product launches etc.
Ethical responsibility: Organisation have to fulfil various ethical responsibilities to meet
up expectations of business. In relevance with chosen entity, board of directors create ethical

norms and moral values to be followed by managers to meet goals of business. Media
management ethics include range of standard norms, principles, values and expectations of
society (Matthyssens, 2019). Ethical responsibility therefore includes obeying of organisation
rules, communicating with general public effectively, taking responsibility & accountability of
various functions, respect individual within a team.
Legal responsibility: This responsibility consist of laws that are made under governance
of wither state, federal or central government of country. In relevance with Future Plc, board of
directors have various legal responsibilities comprising of fair business practices, codified
ethics, operational & functional rules etc. There are various legalities of content issuing that
media company has to follow making sure any ones beliefs, religion, caste or creed is not
provoked by the content published over media platforms.
Economic responsibility: Sustainability of business in society is important to gain
productivity & profits in long run. Therefore, future plc conducts various methods of research
analysis that includes surveys, environmental discussions, sessions of economic issues etc. to
determine expectation from social responsibilities in media industry. For earning huge profits,
adding value to society positively by influencing people in business environment is important.
Future plc have made availability of resources at reasonable rates such as free subscription of
magazines and live sessions to encourage people in society participate on regular basis.
The above model has helped Future plc, use corporate governance to complete social
responsibilities under four categories of people, purpose, process and performances. People are
the founders, directors, stakeholders and observing researchers of chosen entity. These human
resource are ones who are responsible for recognizing purpose of work with organizing it by
developing a consistent process (Sabahi and Parast, 2020). The next step is main purpose
behind guiding principles of company. Process is third step of corporate governance that help
directors of future plc analyse manager performances. Thee processes are future innovated and
modified as per upgraded technology. The last step is performance that comprise of actual
outcome derived from manager processes adopted under governance. The assessment shows
various forms of responsibility fulfilled by board of directorates towards social responsibilities of
business. These comprise of legal ethical economic and philanthropic responsibilities. The
performance of manger can be evaluated through rating analysis, reward pointers, methods of

appraisal etc. to ultimately fulfil societal responsibilities as well as use innovation in best
possible way.

CONCLUSION
The above part of assessment showcases impact of innovation & technology on mass
media corporations. These include adoption of appropriate innovative products or services to
improve business operations. In order to create a brand awareness as well as establish a brand
image chosen firm have took into consideration certain factors that determine growth of
innovation. The factors consist of sales, profitability and operations management. Following
assessment also explains innovation technology & its impact on economic growth of global
medial platforms. The report showcases various innovation tools and techniques such as use of
social media platforms to reach up-to maximum people across worked with attractive and
engaging content regarding media or news.
The following assessment concludes second part of management report that consist of corporate
social responsibility of business in dynamic environment. The report explains role of corporate
governance in assigning roles & responsibilities to various stakeholders consisting of board of
directors, managers and shareholder. Below assessment also shows application of Archie
Carroll's model of CSR within chosen firm's context. Following assessment explains various
steps of corporate governance used to complete social responsibility of business. The report also
explains how technology can be used to fulfil objectives of business be it social goals or
objectives.

REFERENCES:
(Books & Journals)
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of the business environment in the dynamics of innovation and in the performance of
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performance in Serbian companies. VINE Journal of Information and Knowledge
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Cabrilo, S., Kianto, A. and Milic, B., 2018. The effect of IC components on innovation
performance in Serbian companies. VINE Journal of Information and Knowledge
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technology and innovation. Journal of the Knowledge Economy, 11(2), pp.805-824.
Sitorus, S.A., 2017. Marketing communication mix and innovation on customer retention and
sustainable competitive advantages in culinary tourism business environment in the City
of Medan. Journal of Environmental Management and Tourism (JEMT), 8(08 (24)),
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Sabahi, S. and Parast, M.M., 2020. Firm innovation and supply chain resilience: a dynamic
capability perspective. International Journal of Logistics Research and
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Matthyssens, P., 2019. Reconceptualizing value innovation for Industry 4.0 and the Industrial
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Bresciani, S., 2017. Open, networked and dynamic innovation in the food and beverage