Flashcards in Chapter 8: The technological framework Deck (8):
Technology Refers too..
refers to the know-how or pool of ideas or knowledge available to society.
Technological advancement comprises of..
comprises of new knowledge or additions to the pool of knowledge that can change how businesses behave.
Technological change can refer to..
can refer to groundbreaking advances in knowledge or simply minor modifications to products and processes
The waves of innovation
- 1 – Industrial revolution – machinery
- 2 – Steam power to drive machines in production of manufactured goods
- 3 – Expansion of chemical industry, increased communication with telephones
- 4 – Oil and application of electricity to industrial processes
- 5 – Second half of 20th century – rapid development in electronics, communications, pharmaceuticals, biotechnology
Information and Communications Technology (ICT)
- Encompasses all forms of technology used to create, store, exchange and use information in its various forms
- Machines – computers, telephone exchanges, robots, satellites
- Digitalization is breaking down barriers between different forms of media
- Creates a global system that makes it easier for B2B and B2C interactions
- Can use Web 2.0 to communicate with employees and invite customers to rate products and provide recommendations
- Social media gives insight into how to position products, create new products and decide on pricing strategies
- Allows business to use software on the internet
- Company data can be stored on cloud
- Reduced costs needed to spend on IT personnel and infrastructure
- Disadvantage – very dependent on it, negative consequences if it is hacked