Technological Environment
The technological environment of a business refers to the broad features of science and technology in which a business enterprise operates. It includes forces relating to innovation and scientific development, which provides a newer base for producing goods and services, and also effective methods and techniques for operating a business enterprise. Now, it is very common to see that retailers have a direct link with the suppliers who update their stocks when needed. By using the internet, people can look for flight timings, destinations, and fairs and book tickets online. Technological development has made it possible to book railways tickets from home or office at a convenient time instead of standing in queues at the railway booking counters, and today almost all commercial banks have started internet banking services whereby account holders can view their account at any point in time. Technological advance creates new methods of production and production techniques. Therefore, a business enterprise must be adaptable to new technology for its survival.
For example, LED replace CRT monitors, and computers with multiple word processors replace single word processors. Digital watches have killed the business of traditional watches.