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Technology and business
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Technology changes how businesses sell, how much things cost and how they reach customers.
Types of technology
E-commerce: buying and selling online.
Social media: platforms to communicate with and advertise to customers.
Digital communication: email, video calls, messaging and apps.
Payment systems: contactless cards, mobile wallets and online payments.
Social media: platforms to communicate with and advertise to customers.
Digital communication: email, video calls, messaging and apps.
Payment systems: contactless cards, mobile wallets and online payments.
Effects on sales and costs
Sales: businesses can sell 24 hours a day to customers anywhere. Easy payments make buying quicker.
Costs: new technology costs money to buy and maintain and staff need training, but it can cut costs over time, such as less need for shops or staff.
Costs: new technology costs money to buy and maintain and staff need training, but it can cut costs over time, such as less need for shops or staff.
Effects on the marketing mix
Place: selling online. Promotion: targeted social media adverts. Price: customers compare prices easily, so competition increases. Product: new digital products and services.
A clothing shop starts selling online. Give one effect on sales and one on costs.
- Sales: it can reach customers beyond the local area.
- Costs: it must pay for a website and delivery.
Answer: Higher potential sales; new website and delivery costs.
Technology includes e-commerce, social media, digital communication and payment systems. It can raise sales and change costs, and it affects every part of the marketing mix.
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