Level 5 Business Environment Assignment BTEC HND Diploma

PART A

Innovation and role of technological change in economic progress

Meaning of Innovation

Innovation means to make changes in existing product and services. These days there is need of different and effective technologic which help in analyzing changes and accept them. To innovate new things in company it is essential that management of company has to examine external factors regularly and implement it after proper approach. These days research and development department plays vital role in analyzing market. They tell what all changes are happening in society and how it can be implemented in business in better way (Bryman and Bell, 2015).

Company has to make changes through proper measure. Innovation can be applied in better way through employee’s motivation. Domino’s is the brand which has good customer range and it is essential to maintain that image and expectation of society. They make new and innovative offers so it attracts customer. In Domino’s there are many innovations in their services as well as product. It is essential to make changes in better and effective way. They make alterations in their deliveries services which help in satisfying need in better and effective way. Internal and external parties of company have to be considered while innovating new ideas. This helps in performing activities in effective way. GPS driver tracker, on time cooking, fresh fast 10 minute’s delivery are some outcomes of innovation.

Role of Technological Changes

Innovation is done with the help of technological aspects (Christopher and Holweg, 2011). It is essential to perform activities which are effective for growth of organization. Domino’s is the brand which provides ultimate solution to customer. They analyze what is need of customer and how to satisfy it. They use new techniques through which there is reduction in production time and wastage. It is essential to activities in better way. There is requirement of funds which help in achieving performing activities in better. There are changes in industry but is not possible to accept them and operate. There are many departments in Domino’s and their activities are related to each other.

In case of technological changes there is requirement of funds which has to be invested in market (Cross and Miller, 2011). There are possibilities that due to alterations in technology, management of company has to give training to workers, so it is money as well as cost consuming process. Research and development department has to tell alternate which is economical and fruitful for company. There are changes happening in business but Domino’s has to accept changes which are relevant for them, this analysis can be done by R&D department. There is direct impact on profits of company due to technological changes. There are various policies which need to be accepted and then examination has to be whether policies are correctly implemented or not.

Before accept new techniques, it is essential to discuss it with stakeholders and analyze its relevance in business. It is important that innovation and technological change must give some comfortability to workers as well as customer otherwise it is wastage for organization and it proves to be loss. This might have impact on business financial position. Training is needed because it helps to perform operations in better and it boosts the morale of workers too to give best. There must be consent of workers to accept new technology , because in case they are not ready to work under altered environment then it affects business operations as well as economic condition of company (Dibrell, Craig and Hansen, 2011).

Impact of innovation on operations, sales and profits

Innovation is done by management of company but there is need of proper analyzing because there are possibilities that it may affect profits and revenues of company in negative way. There are many factors which affect due to innovation. In Domino’s many changes are taking place but it is essential; to give them importance so there are many changes which are required to taken place. It is important to analyze market and takes actions which have positive impact on activities, sales and profits.

Through online delivery services of Domino’s there is increment in sales as services are available at door step. Hence mainly innovations conducted to Domino’s pizza are positive for company growth. As there is change in demand of customer so they make changes in their product and services too. Innovation involves cost so there is requirement of proper examination no possibilities are bright for positive outcome. As business operates in society and changes are taking place very frequently (Gharajedaghi, 2011). It is not possible to predict changes that might happen in society, so it is important to consider all internal as well as external elements.

In case innovation is not fruitful then affects business position adversely and there are possibilities of down fall in market value. Domino’s has many competitors so it is important to analyses them and take actions in proper way. There is requirement of change in strategies as per condition. Innovation can be applied only when manager is of adaptable nature, so they are ready to learn new things. Consistency is not worth in today’s world. There is requirement of proper emphasize on factors which are helping in growing business. In case of Domino’s, it operates in different parts of country so it is not necessary that consistent plans are effective at every place. They come with new and innovative discount schemes in order to enhance sales. On the occasion of Christmas, New Year, etc they work to achieve targets in better way and take actions in effective manner (Kolk, 2016 ). There are possibilities that due to alteration in strategies there is effect on operations but proper directions and monitoring helps to overcome it.

PART B

Corporate governance, its principles and responsibility of management and stakeholders

Meaning of corporate governance

Corporate governance means activities which help in performing activities in better and effective way. There are possibilities that company has to alter their policies to make smooth running of business. There are many factors which affect policies of company in better or adverse way. So company has to take care of them and tries to come with good factors. Corporate governance helps to achieve objectives of company on time and effectively. It emphasize on implementation of management approaches in proper manner and in case of change need then it is important to managed and planned things in better and effective way. There are external as well as internal factors which effect operations of Domino’s so through corporate governance there is positive impact. Corporate governance main aim is to inform stake holders about activities which are performed by company, this helps I raising funds and there is satisfaction among stake holders and it helps in future growth of company (Li and et. al., 2011).

Principles of Corporate Governance

There are many principles of corporate governance. Some which are followed by Domino’s are discussed under-

Fairness- Fairness means to perform activities in better and efficient way. There must not be any intentional error in books of accounts. This helps to deliver proper and appropriate financial status of company. Domino’s has vast range of stakeholders so they have to prepare books of accounts in proper manner. There are changes in policies which can be effective with the help of management of company. Books of accounts and activities of company are in way which is effective for growth of firm. There must be correct and ethical work performed by organization so stakeholders have confidence in brands. There must legal advisor such as lawyer, CA, CS, etc. which give authentication to legal documents.

Accountability- Accountability means answerable for assigned task. There are many activities to achieve targets. These activities are associated with various departments, so it is essential to know whether actions are performing in better way or not. There are possibilities that due to change external factors of company there is change in operations also. In case of any discrepancy or negative results then it is essential to tell the reason behind it by authorized person. This principle of corporate governance helps in giving fear in mind of personnel that they are accountable for their act, so they perform actions in best way and tries to reduce mistakes (López-Gamero, Molina-Azorín and Claver-Cortés, 2011)

Responsibility- There is some responsibility which management of Domino’s has to take care. There are some expectations of stakeholders which are accomplished by them. It is important that responsibility factor must be there so they are aware of it. This gives them feel of confidence and according they perform activities in better way. This helps to be accountable in front of stakeholders.

Transparency- This principle is important these days. Through this there is fairness in actions. It transparency means to show actions if it is need by concern party. In case of any doubt government has full right to inspect activities of Domino’s Pizza. There are possibilities that company has to give proper answer the question. There are different factors which are associated with these principles so there is transparency in activities. Domino’s deals in food segment so it is important to keep all eatable up to date and fresh so this does not hamper image of organization.

Responsibility of management and stakeholders

In corporate governance there is important role of management and stakeholders. Stakeholders are the person who has interest in company. There is some money invested by them, so they want to know whether performance of company is correct and fair or not. this can be clear by management of Domino’s, they have to conduct meeting whenever there is requirement, so this helps to give information about organization. Whistle blowing, white hat, etc. are some people which help in telling activities of company (Meiners, Ringleb and Edwards, 2014). They are members from stake holders, they have share in stake of organization. So management as well as stakeholders plays vital role in corporate governance.

Corporate Social Responsibility as per Archie Carroll

Corporate social responsibilities include activity which is performed towards society. While running business there is requirement of various resources so these resources arte availed out from society. So corporate social responsibility work for giving back to society. As per government norms, these days corporate social responsibility is one of the main tasks. There is requirement of different help in terms of product, services, revenue, etc. Domino’s can invest some percentage of their revenue towards CSR activity.

Archie Carroll’s CSR pyramid helps to know why and what activities are performed by organization towards society. Through this they can complete their social responsibility towards society, this helps to create aware about brand among people and this strengthens the loyalty and fair factor. This helps to know what can be done to increase profits of company. They help stakeholders to judge performance of organization. As per this concept main concern is towards society and then secondary towards profit. In this there are four elements which are discussed as under-

Economic responsibility- In these component activities of organization must be positive and it is essential to keep in mind profitability factor. This helps in performing and analyzing activities in better way. Profit is the main component which helps to give fair position of Domino’s and hence stakeholders are ready to invest more money, which helps to increase goodwill of firm (Nishitani, Kaneko, Fujii and Komatsu, 2012).

Legal responsibility- There must be use of ethical and legal components in running business. There are different documents which give authentication to transactions. It is important that company has top analyze market and then use appropriate approach. There is different concept for different components. Through this there is positive image in market and employees also perform business in better way. Legal responsibility is effective with proper knowledge about changes related to regulations. In case of change in policies by government in laws then management of Domino’s has to alter their policies. There must be proper implementation of laws related to employees so there is less labor turnover and absenteeism.

Ethical responsibility- There are some ethics which has to be followed by company and it is important to come with new and innovative ideas to follow them. This can be done with the help of employee’s engagement and motivation which help to analyze market and follow ethics. This is practically tough but this is most important component to work in ethical manner. There is requirement of environment which neglects unethical behavior and promotes positivity. Through this there are possibilities of change in actions. Top level management of domino’s is responsible for it by analyzing market.

Philanthropic responsibility- This is the last responsibility which talks about paying to society. There are many sources which are becoming endangered so Domino’s can work to save them and then activities and performed with the help of employees to perform it (Kolk, 2016 ). There are different policies which are effective with the help of changing in business policies, so this is important and legal factor which management of Domino’s has to keep in mind.

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CONCLUSION

From the above discussion it is clear that company has to make changes in their plans and policies so this helps in creating good image in market. There are possibilities that company has to alter operations so this helps in performing actions in better way. There is important role of technology as they helps in reducing wastage and quick completion of operations, but at the same time it has impact on profits and income of company. Management of company has to analyze market regularly and take actions in appropriate way. These days there is important role of CSR so it is significant to make changes in plans and perform activities as per legal ethics. Business is under the eyes of government so they have to perform activities as government norms. Technological changes to be done buy organization as per competitor’s policies so this provides edge over them.

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REFERENCES

• Al-Swidi, A. K. and Al-Hosam, A., 2012. The effect of entrepreneurial orientation on the organizational performance: A study on the Islamic banks in Yemen using the partial least squares approach. Arabian Journal of Business and Management Review (Oman Chapter). 2(1). p.73.
• Bryman, A. and Bell, E., 2015. Business research methods. Oxford University Press, USA.
• Christopher, M. and Holweg, M., 2011. “Supply Chain 2.0”: managing supply chains in the era of turbulence. International Journal of Physical Distribution & Logistics Management. 41(1). pp.63-82.
• Cross, F. B. and Miller, R. L., 2011. The Legal Environment of Business: Text and Cases: Ethical, Regulatory, Global, and Corporate Issues. Cengage Learning.

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