Question

What is meant by Technological Environment?

Hint:

Stay updated on technological trends to ensure your business adapts to new innovations and maintains a competitive advantage.

Answer 1

Step 1: Understanding Technological Environment. 
Technological environment refers to the technological advancements, innovations, and changes in technology that impact business operations. It includes the development of new products, processes, and production techniques.
 

Step 2: Explanation. 
The technological environment affects businesses in several ways: 

- Innovation: New technologies lead to the development of new products and services, providing businesses with opportunities to expand their offerings. 
- Efficiency: Advances in technology can improve production processes, reduce costs, and enhance product quality.
 

Step 3: Conclusion. 
Technological environment plays a significant role in determining the competitiveness and growth of businesses in the market.