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Technological environment - Commerce PDF Download
Technological environment refers to the state of science and technology in the country and related aspects such as rate of technological progress, institutional arrangements for development and application of new technology, etc.
According to the well known economist J.K. Galbraith, technology means, “systematic application of scientific or other organised knowledge to practical tasks”.
Technology comprises of both machines (hard technology) and scientific thinking (soft technology) used to solve problems and promote progress. It consists of not only knowledge and methods required to carry on and improve production and distribution of goods and services but also entrepreneurial expertise and professional know how. Technology includes inventions and innovations.
The main features of technological environment are as follows :
- Technological environment is a component of macro or indirect action environment.
- Technological environment changes very fast.
- Technological environment affects the manner in which the resources of the economy are converted into output.
- Technological environment is self reinforcing. An invention in one place leads to a sequence of inventions in other places.
FAQs on Technological environment - Commerce
| 1. What is the impact of technological advancements on commerce? |  |
Ans. Technological advancements have had a significant impact on commerce, revolutionizing the way businesses operate. They have enabled online transactions, streamlined supply chains, and facilitated efficient communication and data management.
| 2. How has e-commerce transformed the traditional commerce landscape? | |
Ans. E-commerce has transformed the traditional commerce landscape by allowing businesses to reach a global customer base, providing convenience and accessibility for consumers, and reducing the need for physical storefronts. It has also enabled new business models and increased competition in the market.
| 3. What are some examples of technological tools that have enhanced commerce? | |
Ans. Some examples of technological tools that have enhanced commerce include mobile payment systems like Apple Pay and Google Pay, customer relationship management (CRM) software, inventory management systems, and data analytics tools.
| 4. How has the rise of mobile devices influenced commerce? | |
Ans. The rise of mobile devices has had a significant influence on commerce. It has led to the growth of mobile commerce (m-commerce), allowing consumers to make purchases and conduct transactions directly from their smartphones or tablets. This has increased convenience for consumers and opened up new opportunities for businesses.
| 5. What are the potential future technological trends in commerce? | |
Ans. Some potential future technological trends in commerce include the adoption of artificial intelligence (AI) for personalized customer experiences, the integration of virtual reality (VR) and augmented reality (AR) for immersive shopping experiences, and the use of blockchain technology for secure and transparent transactions.
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Dec 23, 2024 Last updated |
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