Technological Environment Flashcards
What is technology?
- The know how
- The pool of ideas
- The knowledge
… that can be used commercially
What is research and development?
R: researching to discover new knowledge about products, processes and services
D: developing new knowledge to take to the market
Filling a market need
Which companies were the top 5 research and development investors in 2017?
- VW
- Alphabet
- Microsoft
- Samsung Electronics
- Intel
Which countries invested the most in research and development in 2017?
- China
- Japan
- USA
Which industries have the most research and development investment?
- Automobiles and parts
- Technology, hardware and equipment
- Software and computer services
- Pharmaceuticals and biotechnology
How is innovation captured by the 4 is?
- Idea - may be presented in terms of abstract concepts or as findings derived from basic research
- Invention - transformation of an idea to a new product, process, or the modification of existing ones
- Innovation - concerns the commercialisations of invention by entrepreneurs
- Imitation - copying a successful innovation
What are the two types of innovation?
- Technology push - new knowledge pushes innovation
- Market pull - users determine what is wanted and what is produced/innovated
What are the sources of innovation ideas?
- R and D departments
- Employees
- New machinery and equipment
- Open innovation
What is open innovation?
When new ideas come from external sources.. - Universities - Research institutes - Individual inventors Other firms: - Rivals - Distributors - Customers - Suppliers
What are the drivers of innovation?
- Resources and capabilities
- Intensity of competition
- Customers
- Suppliers
- Government policy: subsidies, education, regulation, FDI policy
What is an example of the government driving innovation?
- In 2012, UK PM David Cameron announced plans to make London’s East End a high tech rival to Silicon Valley
- The UK and French Govs have both said that all new vehicles must be electric by 2040
What innovation has come out of the internet age?
- Peer to peer working
- Blogs
- World Wide Web
- Podcasts
- Cloud computing
How is e-business an opportunity that innovation of the internet has offered?
- B2B
- Business to consumer
- Business to gov
- Consumer to consumer
What should businesses consider regarding e commerce?
The appropriateness of technology:
- especially in developing countries
- delivery and logistics
- cash v electronic payment
- availability of supporting industries
Why is technology important for business?
- Reduces cost (efficiency)
- Increases brand awareness and market share (online marketing)
- Easy entry into new markets (e-commerce)
- Better product and service development (online reviews)
- Effective stakeholder management (communications)
- Effective monitoring and coordination (control systems)
- Logistics and supply chain (containerisation)
