5.2b Tech influences Flashcards
What are the advantages of technology to ensure sales?
Can be sold at any time from any location in the world so long as there is internet connection.
Sales can still be made when physical shops are closed such as bank holidays or during festivals like Christmas.
Easier ordering processes for customers.
By using online record keeping…
Paperwork is avoided.
By hosting online meetings…
Travel costs are reduced.
What are the disadvantages of using e-commerce?
Can be expensive to keep up with technology.
Customers may have security concerns over fraud and the security of their account details.
Can make it harder to build relationships with customers making them purchase decisions because of price rather than brand loyalty.
Impact of technology on Price:
Technology helps to lower prices as businesses will compete.
Customers can use online price comparison websites.
Businesses can work more efficiently and reduce costs.
Impact of technology on Product:
Latest technology such as robots can be used to manufacture more efficiently- 24/7.
Businesses can offer new methods of accessing products.
Customers can easily customise their product choices.
Impact of technology on Place:
Social media platforms can help businesses to make customers aware of there brands.
User friendly websites allow customers to purchase easily without the inconvenience of travelling to the shop.
Customers can be impressed by a good e-commerce website.
Impact of technology on Promotion:
Cheaper to advertise product online rather than more expensive promotional methods such as billboards or adverts in magazines.
They can target their advertising at customers with the help of cookies to track what a particular customer has been searching for.
Cookies-
Small files stored on a customer’s computer when the customer visits the website, which record details about that visit and can be accessed by the website when the customer visits it again.
What are the different types of technology used by businesses?
E-commerce
Social Media
Digital Communication
Payment Systems
What is E-commerce?
E-commerce is the process of using the internet to carry out business transactions. This covers the use of desktop computers and laptops, as well as mobile devices in the form of smartphones, which is known as m-commerce.
What is Social Media?
Social Media is a term that covers a number of online channels that influence businesses, including Facebook, Twitter, YouTube, Instagram and Flickr.
It is important that businesses keep up to date with social media and respond to it, as it allows the business to talk with customers and read customer comments about their products or services.
