Technology And Its Impact On Society - 1504 Words

Technological advancement has influenced development of many areas in life such as education, social, science, politics and economy. It also impacts on living standards, business and government. In particular, technology plays a significant role in many aspects of business such as production, marketing, strategic decision – making, innovation, trade and management. Using technology in production can enhance a firm’s competitiveness, and also help companies to develop while saving money and time and reduce the required labour force. However, much research illustrates that the development of technology has both favourable and unfavourable implications for companies and as Capon and Glazer (1987) have stated, as the recent trends of†¦show more content†¦Firstly, the average lifespan of the product is shortened. In particular, it impacts sharply on technological products such as mobile phones, tablets and laptops. For example, in the past few years, one mobile pho ne could have been used from two to three years or more, but now, with the rapid change of technology, customers may change their mobile phone after one year or a few months or even when some famous brand names release their latest version such as Iphone and Ipad of Apple, or other products of Samsung and Nokia. According to Giachetti and Lampel (2010), in each particular situation of the UK market, each product technology may fundamentally change the way of using mobile phones of customers from the market point of view. However, from the technological perspective, it may make competitors’ products become obsolete or radically reduce the competitiveness of those mobile phones that do not integrate with new advances. Furthermore, the rapid change of technology poses many pressures for firms on making strategic decisions for their new product. An important requirement of a new product is that it has to be consistent with consumer tastes, and even after a company has decided on a strategy for a new product, they may then have to adjust their product strategies to be suitable with the lastest change of market and competitors. Giachetti