5.6 Technological and global issues

Question 1

Why is it important for businesses to respond to technological advancements?

Answer 1

It’s important because it will allow businesses to enhance their goods or services produced, administration and marketing strategies. If a business is to slow to adapt than they will be left behind by their competitors.

Question 2

Define 3D printing

Answer 2

Is the production of a physical object from a digital design. These objects are commonly produced through the use of CAD software.

Question 3

Define robotics

Answer 3

Is the engineering behind the design, construction and application or robots. Robotics today have a large influence in the production process of a good or service as it achieves the task cheaper and more precise than labour.

Question 4

How can a business implement technology in administration?

Answer 4

They can create a smartphone application which can view live security cameras and achieve web-based conferencing.

Question 5

Define Social media advertising (SMA)

Answer 5

Is a form of online advertising that uses social media service to deliver their message. These social media services include Facebook, Twitter and YouTube.

Question 6

(SMA) positives

Answer 6

Inexpensive
Easy to monitor
Effective way gaining exposure

Question 7

(SMA) disadvantages

Answer 7

The business doesn’t have control over customer reviews

It’s difficult for the business to accurately measure frequency of SMA

Question 8

Define frequency

Answer 8

Is the measurement of the average number of time someone is exposed to the social media advertisement. It’s important a businesses is aware of this as it will indicate how effective the marketing is.

Question 9

Define customer database

Answer 9

Is the information on existing and potential customers. This information includes personal details, previous interactions and habits.

Question 10

What was the effect of the removal of trade barriers?

Answer 10

It has allowed Australian businesses access to a wider range of suppliers, resources, customers and competitors.

Question 11

Define quota

Answer 11

Is the restriction of the number of imports from overseas. This restricts businesses from importing large sums of resources from overseas suppliers.

Question 12

Define tariff

Answer 12

Is a tax on goods that are being imported from overseas to Australia.

Question 13

Define exporter

Answer 13

Is a local business that manufactures goods for overseas customers. This has been achieved by many Australian farmers who sell off their goods to overseas businesses for an income.

Question 14

Define globalisation

Answer 14

Is the process of businesses operating internationally. Businesses may begin doing so to expand.