Topic 1.5.2 Technology and business

Question 1

Different types of technology used by business?

Answer 1

E-commerce-Buying and selling goods online
Made it possible for business to make continuous sales
-Larger marketplace for businesses
-Payment systems
Businesses are now able to to take orders online and deliver goods to customers homes in a very short period of time
Social media
-Customer feedback and used for market research
Communication
-Web conferencing,social media,cloud services,websites

Question 2

How technology influence business activity?

Answer 2

Sales-Business can reach wider audience due to technology and internet.
Costs-Less costs,can increase costs-new payment systems
Marketing mix-Product-Business becoming more innovative with goods to keep up with changes in technology
Place-Websites available all the times for people
Price-Technology brought more efficiency in costs and time,enabled some business to reduce prices of goods
Promotion-Technology has made production quicker and cheaper for many businesses due to advancements in communication e.g Skype