5.6 Technological and global issues Flashcards
(14 cards)
Why is it important for businesses to respond to technological advancements?
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.
Define 3D printing
Is the production of a physical object from a digital design. These objects are commonly produced through the use of CAD software.
Define robotics
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.
How can a business implement technology in administration?
They can create a smartphone application which can view live security cameras and achieve web-based conferencing.
Define Social media advertising (SMA)
Is a form of online advertising that uses social media service to deliver their message. These social media services include Facebook, Twitter and YouTube.
(SMA) positives
Inexpensive
Easy to monitor
Effective way gaining exposure
(SMA) disadvantages
The business doesn’t have control over customer reviews
It’s difficult for the business to accurately measure frequency of SMA
Define frequency
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.
Define customer database
Is the information on existing and potential customers. This information includes personal details, previous interactions and habits.
What was the effect of the removal of trade barriers?
It has allowed Australian businesses access to a wider range of suppliers, resources, customers and competitors.
Define quota
Is the restriction of the number of imports from overseas. This restricts businesses from importing large sums of resources from overseas suppliers.
Define tariff
Is a tax on goods that are being imported from overseas to Australia.
Define exporter
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.
Define globalisation
Is the process of businesses operating internationally. Businesses may begin doing so to expand.