Demonstrate your understanding of innovation, and the role of technological change in economic progress.

ASSIGNMENT BRIEF

The OECD defines innovation as ‘the implementation of a new or significantly improved product (good or service) or process, a new marketing method, or a new organizational method in business practices, workplace organization or external relations; it can be ‘new to the firm, new to the market or new to the world’ (OECD), 2010:1)

ASSESSMENT TASK ONE. (1250 words)

Evaluate the impacts of innovation for one of the following companies: (45 marks)

• Britvic PLC
• Craneware PLC
• Aveva PLC
• Card factory PLC

2. Presentation, referencing and grammar (5marks)

ASSESSMENT CRITERIA

• Knowledge and understanding of technological innovation
• Identify the financial and ICT issues for key business functions
• Understanding of the relationships between innovation and economic development.
• Abilities to appraise and recognise use of corporate governance and ethics within a business context.
• Abilities to appreciate the role of technological change in economic progress.

POINTS TO CONSIDER:

1. Demonstrate your understanding of innovation, and the role of technological change in economic progress.
2. A brief overview of your chosen company, and practical illustrations of how innovation has impacted the operations, sales and the profits of your chosen company

ASSIGNMENT TASK TWO: (1250 words)

ASSIGNMENT INTRODUCTION FOR TASK TWO: (1250 words)

• “Corporate governance involves a set of relationships between a company’s management, its board, its shareholders and other stakeholders. Corporate governance also provides the structure through which the objectives of the company are set, and the means of achieving those objectives and monitoring performance are determined” Preamble, OECD Principles, OECD, Paris

ASSESSMENT TASK TWO: Select a company from the list below and analyse it`s activities in relation to Corporate Social Responsibilities (CSR)

1. Brewing Dolphin PLC
2. Bovis Homes Group PLC
3. Entertainment One Group PLC
4. G4S PLC

It is recommended that you apply Archie Carroll’s CSR model to your answer.

Please illustrate your points with relevant practical examples. (45 marks) Presentation, grammar and referencing (5 marks) Total (50 marks) ASSESSMENT CRITERIA.

• Knowledge and understanding of corporate governance
• Understanding of the importance of Corporate Social Responsibilities(CSR)
• Understanding of a CSR model(Archie Carroll’s model) and its practical applications POINTS TO CONSIDER

1. You must briefly discuss corporate governance, including the responsibilities of the Board of Directors to the stakeholders.
2. Explain the four areas that make up corporate social responsibility as identified by Archie Carroll. (1991). Apply this model to your chosen company. Please give relevant practical examples to demonstrate your understanding of this model.

Sample Answer

Task One: The Impact of Innovation on Britvic PLC

Introduction

Innovation plays a key role in helping companies grow, stay competitive, and meet customer demands. The OECD defines innovation as the implementation of a new or significantly improved product, process, marketing, or organisational method. This report will look at how Britvic PLC, a British soft drink manufacturer, has used innovation to improve its performance and remain competitive in the market.

About Britvic PLC

Britvic PLC is one of the leading soft drinks companies in the UK. The company owns popular brands like Robinsons, Tango, and J2O and also bottles drinks for PepsiCo. Operating in both domestic and international markets, Britvic has built its success on offering a wide range of products that meet changing consumer tastes.

What is Innovation?

Innovation can take many forms. It might be launching a new product, using new technology, or changing how a company works. In Britvic’s case, innovation has played a major role in improving manufacturing processes, developing healthier drinks, and using new marketing strategies.

Innovation at Britvic

1. Healthier Products
   Due to public health concerns and the UK’s sugar tax, Britvic focused on creating low- or no-sugar drinks. They reformulated many of their drinks to reduce sugar content without changing taste. This helped them avoid the sugar tax and attract health-conscious consumers.

2. Smart Manufacturing
   Britvic invested in advanced manufacturing systems to improve efficiency. This included using automation in factories and predictive maintenance to reduce downtime. These innovations helped reduce production costs and improved reliability.

3. Digital Marketing
   Britvic made strong use of digital tools like social media and data analytics. By understanding customer behaviour better, they created more targeted and effective advertising campaigns.

4. Sustainable Packaging
   The company introduced new eco-friendly packaging, such as using recycled plastic bottles and exploring alternatives to single-use plastics. This not only cut costs but also improved their public image.

Financial and ICT Considerations

Britvic’s innovations are closely tied to financial and ICT issues:

• Cost Management: Innovations in manufacturing have helped Britvic control costs and improve profit margins.

• Data Analysis: ICT systems have helped the company collect and analyse consumer data to understand buying trends and develop marketing strategies.

• Investment: Innovation often needs upfront investment, and Britvic has balanced this with long-term cost savings and market growth.

Relationship Between Innovation and Economic Development

Innovation doesn’t just benefit the company. It also helps the economy by creating jobs, improving productivity, and encouraging competition. Britvic’s shift to healthier drinks has influenced the whole industry and supported public health goals.

Ethics and Corporate Governance

Britvic’s innovation strategy also reflects its commitment to responsible business. Their move towards sustainable packaging and reducing sugar supports ethical practices and aligns with their corporate social responsibility goals.

Conclusion

Innovation has had a big impact on Britvic’s success. From new products to smarter operations and better use of technology, Britvic has used innovation to stay competitive and responsible. By continuing to invest in new ideas, the company is well placed for future growth.

Task Two: Corporate Social Responsibility at G4S PLC

Introduction

Corporate Social Responsibility (CSR) is about how companies act responsibly towards society. This includes how they treat their workers, care for the environment, and operate ethically. G4S PLC is a global security company that offers services like guarding, cash transport, and electronic monitoring. This report will use Archie Carroll’s CSR model to evaluate how G4S manages its responsibilities.

What is CSR?

Archie Carroll’s CSR model includes four key areas:

1. Economic Responsibilities – Be profitable.

2. Legal Responsibilities – Obey the law.

3. Ethical Responsibilities – Do what is right, even if not required by law.

4. Philanthropic Responsibilities – Give back to society.

Let’s now explore how G4S meets each of these responsibilities.

1. Economic Responsibilities

As a listed company, G4S’s main goal is to make profits for shareholders. They do this by providing security services to both public and private sectors. In recent years, G4S improved its operations to lower costs and boost profits. They also invested in digital systems and cybersecurity services to expand into new markets. This supports job creation and economic growth.

2. Legal Responsibilities

G4S must follow the laws in all countries where it operates. However, the company has faced criticism in the past over human rights concerns, particularly in detention centres and prisons. After these issues were made public, G4S took steps to improve oversight and legal compliance. They introduced stricter internal policies and trained employees better. Legal responsibility remains an ongoing challenge for G4S.

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