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Lecture 5

BU111 Lecture 5: Technology Factors

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Sofy Carayannopoulos

Opening Thoughts Technology has changed music in the way that we stream and purchase music Retail: online shopping as an example for how technology has changed retail. How we buy, where we buy has all been changed. Consumers spend a lot more time researching products before they buy; changing the way companies market Publishing: publishers must go with online versions of what they offer (such as textbooks being offered online), even with novels (audiobooks) PEST Technological Factors Elements: o Internet affects buying, selling, communication o Information technologies affect information access, interfirm cycle times o Not limited to computers and information: manufacturing processes, outcomes have been results of technological factors Business Implication: affects what we producewhat it can do, affects how we produce and how we sell Why? Demands constant learning and scanning. Creates significant change and challenge What is technology? Advancements in equipment and its uses o Often substitutes formagnifies human efforts o Includes human knowledge, work methods, equipment, business processing systems Includes information technology o The various devices for creating, storing, exchanging, and using information o Consumers use it daily, i.e. ATM, shopping o Companies use it to gather and share information and execute activities (ex. When using debit or credit card to purchase groceries is connected to you personally and has data on consumer behaviour) or (ex. Facebook tracks data on what you post, like, etc. to be able to offer you the best possible feed. Sells certain data to marketing agencies to allow them to reach the right users) Where does technology come from? Comes from human ingenuity o Formal and informal research and development o Basic RD knowledge without focus o Applied RD specific problem in mind o Technology transfer out of the lab and into the world Organization means coming together as a group to allow efforts to be moved in a particular direction (technology comes from human action) Ex. When company takes the basic RD and applies to perform a business function, this is applied RD. Technology transfer puts the information into the world for companies to make money off of, and consumers to take from it
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