Answered: Discuss how changes in the…

12th Edition

ISBN:9781259929434

Author:William Nickels

Publisher:William Nickels

Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment

Section: Chapter Questions

Problem 1CE

Related questions

Question

Discuss how changes in the technological environmentcanimpact decision-making

Expert Solution

Step 1

Technological Environment

The technological environment is a component of the organisation's external environment that is related to technological advances and adjustments. Furthermore, the term "technology" is typically associated with methods and tools.
Their transformation creates both challenges and opportunities for the firm. Technological advancements have an impact on many elements of a company, not only goods & services.
- For example, by utilising new technology, the corporation can generate more output per unit despite the same input, resulting in cost savings.
However, technology accelerates the obsolescence of products.
- The introduction of smartphones with elevated cameras, for example, has reduced demand for traditional camera equipment.