Technological Advances and Business Impact Quiz

• The Internet is one of the many technological advances that has a significant impact on businesses and markets.

• Other technological advances, such as biotechnology, the identification of new energy resources and materials, progress in medicine, increasing communication technologies etc. are also important to take into account.

• In parallel with technological advances, it is also important to consider other factors that affect human activity:

• globalization, which has a fundamental impact on the present widespread consumer demand for the same products in all parts of the world;

• the supra-capacities (supply) and hyper-competition of the marketplaces

• the growing power of distributors over producers

• the proliferation of distribution channels and advertising

• increasing marketing expenses (although production and management expenses are increasing)

• On the one hand, there are merger, acquisition and alliance (Volkswagen-Porsche, Transilvania Bank-Volksbank, Chrysler-Fiat, Microsoft-Nokia) which signal a significant impact on company image and consumer perception.

• On the other hand, there are long-term bankruptcies of major companies such as Enron, Astra Asigurări, Lehman Brothers, which mark a significant negative impact on company image and consumer perception.

• The main focus of firms should be differentiation and positioning.

• Consumers are increasingly informed and sophisticated in their purchasing decisions.

Test your knowledge of the impact of technological advances on businesses and markets, including factors such as globalization, competition, marketing expenses, and consumer behavior.