How does technological advancement affect the business environment?

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Q: How does technological advancement affect the business environment?

Solution: Technological advancement can create new markets and opportunities, impacting how businesses operate and compete.

Steps: 6

Step 1: Understand what technological advancement means. It refers to new inventions or improvements in technology.
Step 2: Recognize that these advancements can lead to new products or services that didn't exist before.
Step 3: Identify that new products can create new markets, meaning more places for businesses to sell their goods.
Step 4: Realize that technology can change how businesses operate, making processes faster and more efficient.
Step 5: Acknowledge that with new technology, businesses may face new competition, as others can also use these advancements.
Step 6: Conclude that overall, technological advancement influences how businesses grow, compete, and serve customers.