The first thing that
strikes our mind when we talk about technology is the high-tech gadgets and
products such as smart phones, broadband internet, wireless technology, GPS
systems, or interactive television. In this century where technological
advancements are on fast track it is important to understand the basic customer
needs in a new perspective. Recognizing new technology’s that can service
consumer’s needs more completely or economically is the critical part of
technological environment analysis. Therefore, technological environment means
the advancements in the field of technology which influences business by new
inventions of productions and other innovations in techniques to perform the
business operations and product development. Let us now analyze the importance
of technology and its impact on marketing.
Degree of
automation and productivity
Productivity can be
increased by making business operations automated. This allows businesses to
serve more customers with less resource. Further technology can be used on all
levels from R&D, production and all the way to delivery. Thus, technology
facilitates businesses to grow and expand in ways never thought possible.
Emerging
Technologies
Emerging technologies
includes sophisticated advancements and innovations in various areas of modern
technology. Innovative methods and new technologies represent progressive
developments within a field for competitive advantage. Emerging technologies
are responsible for new product developments.
Research &
Development Activity
Research &
Development play an important role in the innovation process which is
increasingly vital to current & future profits for business. R&D
facilitates innovations in business resulting in development of new products
and services, improved processes and new ways to interact with customers. These
innovations can result in greater profits and lower costs. Innovation is also
useful way to grow business.
Technology
Transfer
Technology transfer
refers to the process by which technological skills, knowledge moves within or
between organizations or countries. Business firm with advanced technology have
an option of selling and transferring their patented technology to other firms,
countries and make huge profits. Technology transfer is an important means by
which developing countries gain access to technologies that are new to them.
Use of Information
Technology and Communication
Use of Information
Technology and Communication has revolutionized the face of business around the
world. It has enabled local businesses go global by use of websites. Online
advertisement is the new mantra for the marketers which have increased the sales
of most of the organization. Therefore, using Information Communication
Technology (ICT), is crucial to most businesses, regardless of size. It is
important to a company aiming to expand and to improve efficiency. The use of
good ICT also improves customer services and customer demand.
