Role of technology in designing the business strategies of a firm ? discuss how technology has become an integral part of business unit ?
Ans : The word ‘technology’ comes from two Greek words – ‘techne’- the skill or craft needed to make something and ‘logos’ (discussion or knowledge of something). So technology means knowledge of how something is made.
Technology seems to be the most widely today in industrial world and several words or nomenclatures connected with technology are in vogue. These includes Research & Development, invention, technology development, technology strategies, technology forecast technology assessment, technology planning, technology information, technology transfer, technology absorption and adaptation, Industrial property systems, code of conduct and technology management. It is difficult to find so exact definition for technology, for it has been defined in many ways.
One definition identifies ‘technology’ as an application of knowledge that leads to production and marketing of goods and services. According to Betz, Technology develops business by providing technological knowledge for the goods and services that a firm produces. Technology innovation implies new technology creating new products and services – hence new business opportunity. Managing technology means using new technology to create a competitive advantages which is quite a difficult Job; partly due to differing cultures in a company.
