Technology can help aid in the success of a business and has a winner-take-most-market reality for those with the best and most efficient technologies. In this lesson, you will learn the key ways technology helps businesses become leaders in their market.
Just a few short decades ago, technology for business consisted of landline phones, typewriters, and calculators. Flash forward to today, and technology is the key driving force behind many companies' successes. Business technology refers to applications of science, data, engineering, and information for business purposes, such as the achievement of economic and organizational goals.
The main element of technology is the idea of change and how it can affect business and society. Gizmo Gotcha Gadgets, or GGG, creates innovative technology such as remote control personal robots and maids. The company will show us how technology can help aid in the success of a business and has a 'winner-take-the-most-market' reality. GGG's use of technology creates a recipe for amazing business success, which has allowed the company to capture the largest market share for their products. This result is a winner-take-most-market, where the best businesses acquire the most customers, share, and profits. Technology is the key factor in determining whether a company is able to keep competitors out of the market.
GGG's business success is dependent upon the technology that aids its communication. GGG's employees all utilize their smartphones, laptops, and tablets to communicate within the organization and respond directly to customer or supplier inquiries. The GGG sales force depends upon small handheld devices, such as tablets, to present to customers, access the Internet, and use proprietary business applications. Forms of communication such as emails, texts, and social media also provide GGG with superior customer service, feedback, and promotional abilities. For example, GGG has an entire group of employees dedicated to providing immediate customer response to social media posts and questions.
GGG's marketing has greatly improved with the help of technological innovations. The company does not have to spend their marketing budgets on expensive television ads to reach their customers. For example, GGG relies on Internet marketing, websites, and search engine optimization (SEO) to acquire customers and sales. Search engine optimization uses specific techniques to increase the number of visitors to GGG's online robot websites by having their website appear high in the ranking of search results. When consumers search for 'personal robot' or 'robot maid', GGG is ranked one or two in the search results. GGG uses new marketing techniques to reach more customers through text messaging and mobile applications, such as their new 'Robot Genie App' for smartphones and tablets.