Could I please have a further explanation about The Technological Enviroment in business and marketing?
While the economy continues to thrive on the fundamentals of profits and losses, the use of technology in marketing and business is becoming more and more important. Everyday consumers are turning to technology to shop, compare, and purchase merchandise and services. The use of new technology is spreading like wild-fire and has changed how and where we spend our money. A business that is not willing to embrace the technological advancements is not going to be as successful as a company that uses the tools provided through these advancements.
Several fundamental transformations have taken place in the sales and marketing arena. Technology, in marketing and business, has changed the design that many companies must use to enable an increase in sales. The use of the online marketplace is now a major focus of many businesses and the term “branding” has taken on a whole new meaning. Many businesses are even beginning to use the Twitter network format to promote interaction between the company and the consumer. Starbucks, Dell, and even the US Government are using Twitter to help them expand and increase their markets. Through the use of sites like Facebook, Twitter, and MySpace marketing can be improved and the customer’s desires and needs can be tracked and monitored on a minute by minute basis.
A company’s field sales force can also take advantage of the new technology. More and more business is being done through the use of smart phones, e-books, and working from the car, home, or a local park. With more and more “hot-spots” popping up a business no longer needs to rely on employees being in the room for meetings. More profit comes from direct contact between the company and the consumer with no middle man.