Business Environment: Impact of Innovation and Technology Changes (Other (Not Listed) Sample)
QUESTION A: choose a company based in UK AND DESCRIBE THE IMPACT OF INNOVATION AND CHANGES IN TECHNOLOGY ON THE COMPANY.
QUESTION B: FOR THE CHOSEN COMPANY, DEMONSTRATE UNDERSTANDING OF THE IMPORTANCE OF CSR. ARCHIE CARROLL'S MODEL IS RECOMMENDED IN ANSWERING THE QUESTION.
J Sainsbury's Plc was established in 1869 by John James and it is a third leading food retailer with a 16.7% share of the supermarket sector UK. In 1922, the company grew to become the biggest grocery retailer, founded self service in United Kingdom and its peak during the 1980s. The origin Sainsbury family still retain about 15% of the company's share. As of 2018 February, the biggest overall shareholder is the self-governing wealth Qatar fund, the investment authority of Qatar, who is retain approximately 22.06 % of company's shares.
Question A: Impact of Innovation and Technology Changes
Innovation normally refers to changing processes or designing more successful process, ideas and products (Dubey, 2017). For businesses, this could imply employing innovative plans, creating vibrant products or enhancing your existing services. It can therefore be a channel for the success and growth of the business, and help an individual to acclimatize and develop in the marketplace. Being innovative does not only imply discovering. Modernization can imply changing the business model and adjusting to environmental changes to deliver superior goods and services (Dubey, 2017). Lucrative innovation ought to be an integral part of the business strategy, where a company develops an innovation culture and originate in innovative philosophy and artistic problem solving. Sainsbury's Plc has uncovered a raft of innovations and modern plans with an objective to breathe life into its chain stores and adjust to revolutionizing shopping lifestyles.
The present focus for Sainsbury's is to enhance the performance of the central supermarket chain in the UK. Even as doing so the company will keep on exploring and enhancing growth opportunities in other markets (Sainsbury, 2017). The company has shown plan as part of its semi-annual outcomes which affirms the past. Also it has been said that Sainsbury's has joined the business which encourages the shareholder's electronic communications. All together the technology played significant roles in over 120% profits over the period. Besides, the company has told its re-establishment ought to get on the move of its purpose of £2.6 billion of total of extra sales. The entire sales have increased on 8.5% to 9.3 billion pounds (Sainsbury, 2017).
The company has developed an electronic and suitably equipped supply chain for the customers or target market. Sainsbury's has therefore established similar cultures and retailers in order for suppliers to accept innovative purchasing systems and technology as well, and this can lead to investments. On the supply side, the company has formed International E-Business, an innovative organization that will be accountable, among other things, for increasing the implementation of a companywide extranet. As a result, it provides Sainsbury's Plc with a global strategy, an innovative business model and a devoted unit that will develop the future development of the company.
The success of the Sainsbury's has proven by the company realizing the goals and objectives they have set. As a result, the company has been able to acquire 33% of the market share and gather great profits (Sainsbury, 2017). Sainsbury has surpassed competitor stores by understanding the customers' needs. In this case the company sells at discounted rates and develops value as this help Sainsbury's to meet its mission statement of customer retention. The modern online shopping site has revealed that Sainsbury's Plc had a control in this area. Recently, the company has been revealing its real capability of technology is rapidly growing (Sainsbury, 2017). Sainsbury's have therefore taken advantage of the most modern technology that is now out and thus should hold on to the most innovative technology.
Sainsbury's Plc often carries out market research to be able to perceive the modern technology and effectively adjust to them (Sainsbury, 2017). The company hence reach out to all the individuals who desire to shop at Sainsbury's through the internet. The organization has made it secure for consumers who can make payments on the internet. It is handy for the customers and they can instantly obtain their goods that they bought. It has been proven by the company that over 90% of consumers can access the internet; this is somewhat the reason why Sainsbury Plc invested heavily on online site as they certain that their profits would redouble. Technology change has also brought about an increase of 48.9% in market share of retail marketing (Sainsbury, 2017).
Sainsbury's Plc was the pioneer trader in Europe to set up self-service inspections in all its supermarkets, providing the consumers a preference of how they inspect and expediting queuing times for customers with lesser creels. With more than 1,000 chain stores, Sainsbury's currently serve more than 20 million customers every week- almost half of them use self-service inspections. Product Match is a good example of how the company is using technology where Sainsbury is able to price check more than 14,000 branded products against its competitors (Sainsbury, 2018). Decisively, this strategy takes in promotions and offers.
The instant issue of a coupon, either ascertaining the investments made or giving the difference for the consumer to spend on their next stopover, is a basic part of the power of Product Match. Since the initiation of Brand Match over the past one year, the company have issued approximately 250 million vouchers (Sainsbury's. 2017). Taking this as a great example, research has shown that consumer satisfaction with Sainsbury's Plc price standpoint keeps on improving due to technology. As a result, this has exhibited itself in customers visiting the company more frequently. This is because customers feel that they should shop in the company for the finest deal overtime.
Lately, Sainsbury's Plc is tracking an innovative scheme referred to as Mobile Scan and Go that allows consumers scan commodities as they buy using their cell phones (Sainsbury, 2018). The new initiative also allows customers to make payments at the till without unpacking their bags or trolley. This is very modern technology and makes the purchasing experience extra suitable for consumers by allowing them know how much they are spending. Besides, it enables customers to instantly view savings and then make payments at the till without unpacking their basket or trolley (Sainsbury, 2018). Lastly, the company is ardent about giving customers first priority and technology is changing the existing shopping preferences.
At the core of the change is itinerant and idea that a point of scale can only be based on a cell phone rather than a self-service inspection. By 2020 what was previously phys...
- Business Environment: Impact of Innovation and Technology ChangesDescription: Innovation normally refers to changing processes or designing more successful process, ideas and products (Dubey, 2017). For businesses, this could imply employing innovative plans, creating vibrant products or enhancing your existing services...9 pages/≈2475 words| 10 Sources | Harvard | Technology | Other (Not Listed) |