1.5.2 technology

• What are the types of technology used in a business?

  E-commerce, social media, digital communication, payment systems
• What’s e-commerce?

  Online buying and selling
• What things are required for e-commerce to take place?

  A seller who has products / services displayed electronically,

  A buyer who has the equipment required to view the seller‘s products/ services,

  A network that enables information and payment to be exchanged by buyer and seller
• What are the advantages of e-commerce?

  Attract customers across the globe,

  Use at any time of day,

  Receive payments immediately,

  Reduce overhead costs (no rent)
• What are the disadvantages of e-commerce?

  More competitors across the globe - making it harder for the business to get noticed,

  Employees may need new skills e.g. website maintenance ,

  A need to maintain and update technologies - security software, which may be expensive,

  Procedures requires for how products are delivered and processing returns
• How does a business use social media?

  Sales and marketing,

  Interacting with customers,

  Communicating with stakeholders
• What are digital communication tools?

  Email, mobile phones, mobile apps, websites, social media , web conferencing, cloud services, instant messaging
• What are the different payment methods?

  Chip and pin - debit and credit cards

  OR

  contactless payments
• How does technology impact sales?

  Easier to contact , can attract more customers, more convenient
• How do costs impact technology?

  E-commerce - fewer staff, smaller premise

  Social media - cheap and easy marketing,

  Long term savings on digital communication

  More secure and cost-effective for business not needing to carry large amount of cash on premises
• How does the marketing mix impact on the marketing mix?

  Lowers cost of products, more easier promotions , customers are able to buy products at any time