external factors - technological

Question 1

what are the three technological factors?

Answer 1

• e-commerce
• automation
• ICT

Question 2

research and development

Answer 2

• refers to the steps businesses take in the innovation of new products, systems and services
• this has resulted in many new technologies being used by businesses, including 3D printers and apps

Question 3

e-commerce

Answer 3

widens the number of customers, lowers the costs of production and enables customers to buy online

Question 4

automation

Answer 4

enables machines to do work that was previously done by people, reducing unit costs of production and making the business more profitable

Question 5

ICT

Answer 5

• can make processes and communication within a business quicker and more efficient
• firms also need to keep their software and hardware up to date, if they dont they risk being seen as old fashioned by customers and in danger of becoming obsolete