U2 AOS1 KK5 Technological and Global Issues

Question 1

What does ‘technological issues’ relate to?

Answer 1

The rapid advancement of technology and the challenges that businesses have in keeping up with these advancements.

Question 2

Examples of technological advancements include…

Answer 2

1. Inventions
2. Innovations or developments in a process that improve the efficiency and effectiveness of the business

Question 3

How is technology used in marketing?

Answer 3

Social media
Market research
Content creation

Question 4

How is technology used in manufacturing?

Answer 4

3D Design
Automation
Robotics
Production lines
Artificial Intelligence

Question 5

How is technology used in communications?

Answer 5

Email
Social media
Live chats
Chat bots
Apps
Websites

Question 6

How is technology used in Human Resources?

Answer 6

Online advertising of positions.
Interviews conducted online via Zoom / MTeams
Online onboarding and training.
Employee management (leave applications, pay slips etc).

Question 7

How is technology used for Finance?

Answer 7

Accounting software (MYOB, Xero, Quickbooks).

Electronic payment methods (Apple Pay, PayPal, Stripe, Square).

Buy now, Pay later (AfterPay, ZipPay).

Question 8

What is a customer database?

Answer 8

An organized collection of customer details which can include:
-customer name
-physical address
-email address
-phone number
-license number
-passport number
-medicare number
-credit card details
-product purchases
-preferred brands
-time they like to shop.

Question 9

How can a customer database be used by a business?

Answer 9

Can be used to market specific products to customers based on their previous spending habits

Question 10

List 4 considerations for businesses when developing a social media strategy.

Answer 10

1. Which social media channels will the business utilise?
2. How much will the business spend on social media advertising?
3. Will the social media marketing be done in-house or will a social media specialist external to the business be paid for this service?
4. What does the business want to achieve from its social media advertising? E.g. x number of likes or click a ‘learn more’ link and watch a video by providing name and email address.

Question 11

Technology and Marketing

Advantage or Disadvantage?

Online advertising is inexpensive compared to traditional marketing methods

Answer 11

Advantage

Question 12

Technology and Marketing

Advantage or Disadvantage?

The business has no control over what consumers write online in reviews, vlogs, posts etc

Answer 12

Disadvantage

Question 13

Technology and Marketing

Advantage or Disadvantage?

The business can reach a much larger audience using online advertising than traditional forms of advertising.

Answer 13

Advantage

Question 14

Technology and Marketing

Advantage or Disadvantage?

Online advertising is an effective way of gaining exposure for your business.

Answer 14

Advantage

Question 15

What is artificial intelligence? (AI)

Answer 15

The development of computer systems able to perform tasks normally requiring human intelligence, such as visual perception, speech recognition, decision-making, and translation between languages.

Question 16

Why are businesses using AI?

Answer 16

to improve efficiencies, save time and decrease costs and improve customer experience.

Question 17

Provide 6 examples of how businesses can use AI.

Answer 17

1. AI powered chat bots for instant messaging.
2. AI optimised emails.
3. Product recommendations.
4. Website copy.
5. Phone call handling
6. Text message optimisation.
7. To improve production processes.
8. SEO optimisation tasks such as key word research
9. Process automation.
10. To streamline internal communications.
11. For presentations and reports.
12. Digital personal assistants.

Question 18

Pros of technology in manufacturing?

Answer 18

1. Leads to increases in efficiency which helps to reduce costs of production.
2. Lower costs allows the business to maximise profits or reduce the price which may increase competitiveness.
3. Helps to reduce waste = saves $$
4. Helps to improve quality and ensure quality standards are met consistently.