In the last decades earlier in the 90s, technology has renovated almost all fields. Due to the advancement of technology, all the traditional methods are gradually replaced by advanced technological methods whether it’s for business or social purposes (Hoffman, 2019). With the use of technology and innovation, the productivity and the acceptability of that company rise up. They are used to simplify the routine work and boost up the efficiency of the business. With the help of advanced communication tools, the reach of customers has become very easy for companies.
In the first section of this paper, the important role of technology and innovation in business is discussed. Later the impact of technology and innovation on sales, profitability, and business growth are explained. CSR practice in business has become very popular. It enhances the acceptability of the company to the customers. It helps to provide a work-friendly environment to the employee. Those companies that are practicing CSR are much more attractive than the others to the employees (Arturo, 2018). In the second part, the focus is given on the CSR practice in business. Besides this, Carroll’s CSR model and its application on Cinemaworld are explained.
Table of Contents
1.1 Assess the impacts of innovation and technology.
1.2 How innovation and technology have affected the operations, sales, profits and growth of your chosen company.
2.1 Evaluate the importance of Corporate Social Responsibility (CSR) for the organization.
2.2 Apply Archie Carroll’s (1991) CSR model to analyze Cinemaworld PLC.
Innovation is very proficient to generate new and enhanced goods and services for Cinemaworld PLC to enter more flourishing business progress. By using new innovation in business the organization can retain their continuous improvement, gain customers’ contentment and able to solve their problems and use social media effectively for gaining numerous profits and revenues. For the progressing in business, increase business efficiency and sales and protection for the business resources technology has great influence (Kurltz, 2017).
1.1 Assess the impacts of innovation and technology
Innovation is a very popular term in the business sector at present times. Innovation can be defined as creating new and more developed and improved methods, approaches, products and services that are related to organizations which may bring goodwill for the particular organization (Samuels, 2018). Through the innovation strategy, gives a boost to a business and adds to the growth and productivity of the organization.
Business organizations are highly dependable on several innovative strategies to get the proper achievements in the business. There are lots of impacts of innovation in business those are discussed as follows:
Continuous development-Innovation is very helpful to the sustainability of the business and making continuous development as for repacking and re-branding (Samuels, 2018). The skilled and innovative experienced employees can augment their creativity as well as provide better and improved products and services to their customers to gain sufficient profits (Watson, 2018).
Strength the brand-For the brand maintenance innovation is most effective. Enlargement branding is well-liked under organizational leadership. This is significant due to it is acknowledged as one of the key drivers of success (Samuels, 2018).
To get new customers and solve their problems– Innovation is most important to get new customers. Customers always want to get better and innovated products and services. So from which company they will get their desired products they will purchase from here (Watson, 2018). On the other hand, innovation makes the procedure and strategy of the business more improved and flawless to it is able to solve the customers’ problems which they faced previously (Samuels, 2018).
Use of social media– Business organizations face globalization, technological, migration and climate change issues. The use of social media in innovation campaigns can make the organization more lucrative. In social media, the customers can freely share their experience and review of the products so that innovation in social media is considered the important element for business success (Samuels, 2018).
Today’s world is a technology-based world, most of the activities in business organizations highly depend on technology and this technology flourishes very rapidly (Watson, 2018). Business organizations apply several definite technologies to strong and developed their operation, management and brand-customers relationships (Hoffman, 2019). The impacts of technology in business are described as given below:
Improve business communication– The organization can easily connect with their consumers through various social media like Facebook, Twitter, email and so on. This has been possible for the innovation of various technologies (Hoffman, 2019). It makes our life easy and comfortable.
Increases efficiency– technology increases efficiency by making numerous extraordinary advertisements in recent times and abate instances in the office (Hoffman, 2019).
Protect important assets– Organizes are face cyber-attacks that may be crash their organizational database (Hoffman, 2019). Technology like Sophos’ Deep Learning technology is invented to give cybersecurity against attacks.
Develop the capability of business-Technology increases the capability of business to augment the manpower in business with very short time (Hoffman, 2019)…………………………………