Technology in Business, Society and Consumers - Introduction

Welcome to the Technology in Business, Society and Consumers lesson! Technology is vital to the business world and an understanding of this chapter is essential to determining how society and consumer behaviour and expectations, in general, are influenced and shaped by it. It is also important to appreciate how technology impacts businesses, especially considering how businesses are always looking for ways to optimise production and to generate more business.

Without having the appropriate technology most suitable for a specific business, operating such business can be difficult and this can have a negative impact on the business remaining relevant and successful. Similarly, expectations stemming from technological use are created in consumers that if not met, can negatively influence consumer behaviour towards a business. This is why it is so important to understand the impact technology can have on businesses and consumers.

After completion of this section, you should be comfortable with being able to identify positive and negative influences of technology on businesses and consumers.

This section will begin by giving a comprehensive contextualisation of technology, before exploring how it impacts businesses and consumers in a more detailed manner. Following, there will be an exploration of innovation, technological developments and examples of companies impacted by technological developments. Finally, an illustration is provided.

Below are some goals and objectives for you to refer to after learning this section.

Goals for this section

  • To understand the importance of technology for businesses
  • To understand the impact technology can have on consumer behavior and expectations

Objectives for this section

  • To be able to identify the different ways in which a business can be influenced by technology
  • To be able to identify when and how consumer behavior and expectations can be affected by technology

Begin the Lecture