7.7 Technology

Question 1

Aspects of technology in business:

Answer 1

• Information technology
• Machinery
• Internet

Question 2

Technological innovations can be split into what three sections?

Answer 2

• Processes
• Products
• Communication

Question 3

Opportunities of new technology:

Answer 3

• More efficient
• Less wastage
• Improvement in quality

Question 4

Threats of new technology:

Answer 4

• Cost
• Keeping up to date
• Choosing the right technology

Question 5

What is one way in which a business can capture market share from its competitors in terms of technology?

Answer 5

Updating its product with new technology (e.g. Xbox vs Playstation)

Question 6

What does the introduction of new processes mean for costs?

Answer 6

Low unit costs, leading to a bigger profit margin.

Question 7

The full impact of technology will differ from business to business, depending on what?

Answer 7

Its culture

Question 8

When thinking of implementing new technology, what do businesses need to think about?

Answer 8

• How will the workforce react?
• Is it worth the problems it creates?
• Financial implications

Question 9

What does Enterprise Resource Planning software do?

Answer 9

Keeps track of data from all departments in one place