1.5.2 Technology and business

Question 1

What are the different types of technology used by business?

Answer 1

> E-commerce
Social media
Electronic payment systems
Digital communication

Question 2

How does technology influence business activity?

Answer 2

costs-technology can be a huge investment for businesses, but in the log-term it can help a business efficiency and reduce costs

sales-innovating products with the latest tech can increase customer demand and boost sales

marketing mix-technology influence all aspects of the marketing mix: from lowering costs of product, to making promotion easier through social media, to allowing customers to buy product anytime online.

Question 3

What are the benefits of technology?

Answer 3

• decrease costs
• quality improves
• increased communication options
• helps marketing and increases market
• improves financial efficiency
• easier to recruit and retain employees