Significance of Technological Changes in Business
Technological environment plays a crucial role in business success, driving innovation, enhancing quality, and meeting customer needs. It involves adapting to new equipment, processes, and research to stay competitive. Key factors include innovation, customer expectations, market dynamics, and social influences. Embracing technology leads to improved products, services, and market positioning.
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Presentation Transcript
TECHNOLOGICAL ENVIRONMENT Technological environment refers to changes taking place in the method of production, use of new equipment and machineries to improve the quality of product. The businessman must closely monitor the technological changes taking place in his industry because he will have to implement these changes to remain in the competitive market. Technological changes always bring quality improvement and more benefits for the customers.
Technology includes tools-both machines (hard technology)and ways of thin king (soft technology). United Nations Committee on Trade and Development (UNCTAD) defines technology as follows: systematic knowledge for the manufacture of a product , for the application of a process or for rendering a service. Technology also includes entrepreneurial experience and professional knowhow. These two turns out to be the key differentiator or competitive advantage.
Technological Environment- In today's world a business has to adopt technical changes from time to time. Constant innovation is necessary because the purpose of every business is to create and satisfy the customer therefore every business enterprise have to basic functions i.e. Marketing Innovation Technological environment also include research base of decisions. Research identify the customer need and provide information for target setting and programming the complete marketing effort. Innovations helps by establishment of research and development market in the enterprise.
The important factors that determine the technological dynamics of a company includes:- Innovative drive of the company Customer needs/expectations Demand Conditions Supplier s offerings Competitive Dynamics Substitutes Social forces Research organizations
