Introduction
This paper involves producing a report to demonstrate how the current and past technology develops day by day to influence future developments. This report explains the relationship between technology on one hand and social and political factors on the other. Technology and marketing are inseparable in that marketing have to keep pace with the developing technology to ensure they use the most modern technology of the time.
All aspects of marketing require technology; therefore, it is essential for the stake holders in marketing to understand technology as it develops. Technology is the use of modern tools and structures to improve on the already existing ones. This is to make them profitable and efficient at the same time. Many firms and companies should invest on technology so as to continue benefitting from their marketing structures. The challenges and opportunities that are brought about by technology will be presented in the report.
Analysis of past and current technology
In marketing, there are different types of technologies, which include; sustaining technologies these are most technologies that improve the existing product to the liking of the customers.1 According to Christensen well led companies always provide in relation to customers demand.
The disruptive technologies create a new proposition and advance the performance of a commodity or product in relation to the new arrangement. Disruptive technologies are mainly used in goods which are cheaper, smaller and easier to use.2 However, disruptive technologies do not have an immediate impact on traditional products and, therefore, with their introduction they do not guarantee a large share of the market.3
Opportunities
Development of technology increases a company’s opportunities of doing business.4 The modern technology enhances marketing which widens the scope of the company and increases its sales.5 This facilitates further growth of a company. This has improved in the recent years because companies could use rudimental methods of marketing since there was minimum technology.6
The methods, which were used in the past were limited and could, not create any impact to the existing customers or the potential ones.7 Technology is also essential in development of new products because it shortens the time of production which is vital in the line of marketing.8
Challenges
Many existing companies use traditional technology and methods of marketing because their customers are not interested about companies’ new products.9 These companies investment is minimal when it comes to new technology.10 This is because the new technology does not contribute to the increase of the sales. This reduces the chances of the company to expand and; therefore, new technology is hard for the existing companies to invest in and embrace.
The disruptive technologies create a threat to the exist companies the reason behind this is that they can run them into losses. The greatest challenge of technology is that businesses, which do not exist, can not be analyzed when coming up with a marketing plan.11 This means that the impact of new technology can not be identified. Technological progress always outruns the speed by which the customers develop their demand. This means that the supply of technology is not equal to its demand. 12
The absorption of modern technology has been limited by its expensive nature.13 The companies have limited resources which limit their investment in technology.14 Technology is expensive in that the company will have to introduce new machinery, which means the, workers should be trained to operate the machines.15
This means extra expenses to the company. Another main challenge is the politicians’ opposition to technology with an argument it will result to laying off of workers; therefore, they propose to be labor intensive.16
The society opposes the use of modern technology. This is because they are not ready to change fro the use of traditional technology and embrace new products, which come as, a result of new technology.17 The company should turn such challenges into opportunities through giving back to the community through improved products and paying high taxes to the government.18
Conclusion
In conclusion, technology is essential in today’s world and, therefore, companies should invest heavily to improve technology. Increased investment in technology will lead to increased development as a result of increased productivity. Technology is immensely influential in the field of marketing and, therefore, companies should invest in technology to increase on their share of the market. The companies and the government should work hand in hand to eliminate the challenges of technology.19
The future investment in technology will lead to growth of companies through increased sales and innovation of the existing products and technology. Technology develops day by day meaning its continuity to improve leads to efficiency. The companies should introduce uncomplicated technology to lure the society into understanding the importance of technology.20
Reference
Agresta S, B B Bough & M I Milestky perspectives on social media marketing, Course Technology PTR, London, 2010.
Albers MJ & B Mazur, Content & complexity: information design in technical communication, Lawrence Erlbaum, Mahwah, NJ, 2003.
Burgelman R & C Christensen, designing marketing and technology, Paperbacks, New York, 2005.
Burgelman R, C Christensen & S Wheelright, Strategic management of technology and innovation. McGraw hill, New York, 2003.
Christensen C &ME Rayner, innovators solution: Creating and sustaining a successful growth, Harvard business school press, London, 2003.
Christensen C, Marketing & Technology, Harvard business school, London, 2002.
Christensen C. Innovator’s dilemma. New York: Harper paperbacks.2003.
Draga S & T Zimmerman, Communication in marketing, Longman, New York, 2001.
Gurak LJ & MM Lay, research in technical communication, Praeger, Westport CT, 2002.
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Harner S, T Zimmerman & S Draga, technical marketing communication, Longman publisher, New York, 2001.
Kotabi M & K Helsen, Global marketing management, Wiley, New York, 2003.
Kotabi M & K Helsen, Technical marketing communication, Wiley, New York, 2009.
Kotler P & K Keller, Marketing management, Prentice hall, New York, 2008
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Mirel B, technical communication, Southbank, New York, 1999.
Moore GA, crossing chasm, Harper paperbacks, New York, 2002.
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Footnotes
1 C. Christensen, innovators dilemma, Harper paperbacks, New York, 2003, p 28.
2 B Mirel & R Spilka, Reshaping technical communication, Lawrence Erlbaum, Mahwah, NJ, 2002.
3 MJ Albers & B Mazur, Content & complexity: information design in technical communication, Lawrence Erlbaum, Mahwah, NJ, 2003.
4 LJ Gurak & MM Lay, research in technical communication, Praeger, Westport CT, 2002.
5 EW Souder& D Sherton, managing new technology development, McGraw, New York, 1993.
6 M Kotabi & K Helsen, global marketing management, Wiley, New York, 2003.
7 R Burgelman, C Christensen & S Wheelright, Strategic management of technology and innovation. McGraw hill, New York, 2003.
8 P Kotler & K Keller, marketing management, Prentice hall, New York, 2008.
9 C Christensen ME Rayner, innovators solution: Creating and sustaining a successful growth, Harvard business school press, London, 2003.
10 GA Moore, crossing chasm, Harper paperbacks, New York, 2002.
11 D Ogilvy & A Parker, confessions of an advertising man, Southbank, New York, 2004.
12 S Harner, T Zimmerman & S Draga, technical marketing communication, Longman publisher, New York, 2001.
13 S Agresta, B B Bough & M I Milestky perspectives on social media marketing, Course Technology PTR, London, 2010.
14 C Christensen, Marketing & Technology, Harvard business school, London, 2002.
15 S Draga & T Zimmerman, Communication in marketing, Longman, New York, 2001.
16 S Harner, handbook on marketing technology, Course Technology PTR, London, 2008.
17 M kotabi & K Helsen, Technical marketing communication, Wiley, New York, 2009.
18 LJ Gurak, technology and marketing, Praeger, Westport, 2001.
19 B Mirel, technical communication, Southbank, New York, 1999.
20 R Burgelman & C Christensen, designing marketing and technology, Paperbacks, New York, 2005.