Corporate Reputation Management in the Post Truth Era and the Age of Fake News
What is Fake News and What is Post Truth We live in times that have been called the Era of Post Truth and the Age of Fake News where facts are facts only in the sense that they are believed by individuals alone and it does not matter whether such facts are made up, debunked […]
Food Retailing: Indian Perspective
Food Retailing in India is witnessing a progressive change with the emergence of the hypermarkets/supermarkets and rapid expansion of organized retail sector in India across various parts of the country. With the world’s second-largest population and rising composition of Middle-Income group, India has emerged as the world’s most attractive retailing destinations especially in the Food […]
Search Engines and SE Marketing
Internet is not something that is alien technology anymore. Every home and every individual has adapted to using internet for various purposes. It has become a habit for everyone to use the internet to search for all kinds of information. Searching happens to be the main feature or the tool with which one gets across […]
What are Successful Principles of Product Management
Companies that are responsible for the production and distribution of products have a lot on their plates. Every product has a particular lifecycle. In order for that lifecycle to last as long as possible, some considerations need to be made. A successful product manager is always vigilant in their efforts to do what’s best for […]
Live for Your Customer
Take the case of any organization that is considered to be a global leader or a product leader and you will find that the recipe for success lies in the customer centered culture and approach that has been built up in the Company. The customer orientation is not limited to customer service or the front […]
Technology is a term that is frequently used in the business world. It is a term habitually related to science. But there is a significant difference between the two. Science comprises of outcomes of basic academic studies whereas technology infers to the relevant application of science. This difference is critical when it is to be understood about the manner in which businesses attain new technologies.
The significance of technology to an organization is positioned in the reality that having of technology can provide a competitive advantage. Consequently technology can be considered as an asset of strategic importance. In addition it can be said that an organization“s capacity to handle and take advantage of technology can symbolize a core competence.
Technology competence can improve an organization“s product portfolio. This is possible in different ways as below:
A novel product can be built which permits the customer to execute activities that were earlier not doable or else extremely hard. For instance consider the growth of mobile technology. It permits customers to converse with least difficult around the world. There are users who are ready to compensate high values to have products of latest technology. These products are expected to be extremely pioneering needing good investments in new technology.
An available product can be transformed to turn it into more functional while the fundamental utility continues to be the same. For instance take the case of mobile phones having cameras. Organizations incessantly search for innovations to make their products distinctive from those of their competitors. Even if such innovations can be small, over a period of time these can combine to denote a major leap forward in technology.
With the technology developing into a more advanced stage, product dependability turns out to be a major feature in product differentiation. For instance improved utilization of specific integrated circuits can result in easiness of product assembly. Enhancements in designs and diverse techniques of construction will concentrate on performance and quality.
With the product developing into matured stage technology advancement can concentrate more on cost lessening. For instance consider the utilization of specialized integrated circuits as referred previously. They are costly to conceive but in mass production present massive cost benefits over separate components. They can present a magnificent improvement to the business that can take control of this technology.
Technology is one of the fundamental causes for the existence of a product life cycle. When the technology is in novel phase, enhancements are fast and product functioning ascents rapidly. As the technology becomes established, the speed of transformation of functioning becomes reach stability since the technological threshold is attained. At certain point, another new technology is developed and integrated in the product. The cycle will start again.
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