1.5.2 Technology and business - Word Drop

Online buying and selling is called ______, and it can increase ______ by making goods easier to purchase. ______ lets users create and share content, so a business can raise ______ and help customers recognise its brand. ______ is the exchange of messages electronically, such as email, and can speed up work while lowering ______. Electronic ______ allow customers to pay by card or phone and complete transactions quickly.

Technology can affect business activity in three main areas. Sales may rise when technology provides an alternative to an existing product or makes a good easier to ______. Costs may fall because technology can replace older production methods and increase ______. The four Ps that make up the ______ can change because technology allows better communication with the ______.

Technology also changes where customers buy. E-commerce has changed ______ in the marketing mix, so customers can order goods from home. New technology can improve how a business communicates and sells, which helps it compete.