Technology and business (Edexcel GCSE Business): Flashcards
📚Flashcards
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14 cards from this deck
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Practise the cards
14 cards from this deck
Technology's role in modern business
Technology's role in modern business
Powerful catalyst for change
Why businesses invest in new technology
Why businesses invest in new technology
To gain a competitive edge over competitors
Risk if businesses don't adapt to tech quickly
Risk if businesses don't adapt to tech quickly
Lose competitive position in the market
What e-commerce platforms enable
What e-commerce platforms enable
Sell products/services online beyond physical location
Purpose of social media for business
Purpose of social media for business
Marketing, customer engagement, and brand building
Benefit of electronic payment systems
Benefit of electronic payment systems
Improve cash flow management
Effect of digital communication tools
Effect of digital communication tools
Improve efficiency and reduce communication costs
Technology's double-edged nature
Technology's double-edged nature
Creates opportunities but requires substantial investment
Initial cost of technology investment
Initial cost of technology investment
Substantial upfront investment
Long-term impact of tech on operational costs
Long-term impact of tech on operational costs
Improves efficiency and reduces ongoing costs
Effect of latest tech in products on sales
Effect of latest tech in products on sales
Increases customer demand and boosts sales figures
How technology affects production costs
How technology affects production costs
Can lower production costs
How social media affects promotion
How social media affects promotion
Makes it more accessible and cost-effective
E-commerce advantage for customers
E-commerce advantage for customers
Can purchase anytime from anywhere