1.5.2 Technology and business

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What is e-commerce?: Buying and selling goods or services using the internet
How has social media changed the way businesses interact with customers?: Allows businesses to engage directly with customers and gather feedback
What are the main areas of technological development in business?: E-commerce
Social media
Digital communication
Electronic Payment Systems
How can digital communication speed up workplace operations?: Enables instant sharing of information
What impact does technology have on sales?: Can lead to increased sales by making products easier to purchase
How has technology influenced the marketing mix?: Allowed creation of new products
What role does technology play in reducing business costs?: Increases productivity and minimises wastage in production
Which of the following payment systems is an example of modern electronic transactions?: Mobile payment apps
What impact has social media had on the costs of marketing for businesses?: Reduced marketing costs through targeted advertising and organic reach
How can new technologies like Artificial Intelligence impact the marketing mix?: By enabling personalised marketing
Why might businesses need to adopt new payment systems?: To meet customer expectations
How can social media platforms affect the costs and sales of a business?: By offering cost-effective advertising
Is technology more of an opportunity or a threat to traditional businesses, and why?: Opportunity, due to potential for innovation and reaching new markets
How has the introduction of e-commerce platforms like Shopify and Amazon impacted traditional retail businesses?: Increased competition and reduced foot traffic in physical stores
What impact has social media marketing had on small businesses?: Increased brand visibility and customer engagement

1.5.2 Technology and business

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