How does technological advancement affect the business environment?

How does technological advancement affect the business environment?

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.

Market Creation – Technological advancements can lead to the emergence of new markets and business opportunities.
Operational Impact – Technological advancements can change how businesses operate, including efficiency and productivity.
Competitive Landscape – Advancements can alter competition, as businesses must adapt to new technologies to remain relevant.