tech & global issues that may affect decision making

Question 1

technology is:

Answer 1

the practical application of science to achieve commercial objectives

Question 2

how does technology affect business?

Answer 2

• ADAPT to change to be successful
• helps businesses REMAIN COMPETITIVE and will reduce competitiveness if failing to adapt.

-helps business stay connected to world in trade & communication

Question 3

examples of tech

Answer 3

• robotics
• drone tech
• social media
• software applications / websites

Question 4

factors to consider when implicating tech

Answer 4

• cost effective?
• more efficient?
• will staff need to be trained?
• will it downsize labour force?

Question 5

customer database meaning:

Answer 5

bank of information on customers, including buying habits & preferences

Question 6

successful implication of tech example:

Answer 6

coles and woolies - invest in data analysis to collect data through apps, online shopping, loyalty cards = effective targeted marketing = special discounts or increase price = analyse effectiveness of promotions

Question 7

globalisation is:

Answer 7

the effect of improved communications, lower transport costs and unrestricted trade producing a more combined global economic system

Question 8

advantages of globalisation:

Answer 8

• wide range of customers & suppliers
• access to cheaper & different products/services

Question 9

disadvantages of globalisation:

Answer 9

• increased competition
• additional taxes to import goods
• different laws and regulations