7.7 Technology Flashcards
1
Q
Aspects of technology in business:
A
- Information technology
- Machinery
- Internet
2
Q
Technological innovations can be split into what three sections?
A
- Processes
- Products
- Communication
3
Q
Opportunities of new technology:
A
- More efficient
- Less wastage
- Improvement in quality
4
Q
Threats of new technology:
A
- Cost
- Keeping up to date
- Choosing the right technology
5
Q
What is one way in which a business can capture market share from its competitors in terms of technology?
A
Updating its product with new technology (e.g. Xbox vs Playstation)
6
Q
What does the introduction of new processes mean for costs?
A
Low unit costs, leading to a bigger profit margin.
7
Q
The full impact of technology will differ from business to business, depending on what?
A
Its culture
8
Q
When thinking of implementing new technology, what do businesses need to think about?
A
- How will the workforce react?
- Is it worth the problems it creates?
- Financial implications
9
Q
What does Enterprise Resource Planning software do?
A
Keeps track of data from all departments in one place
