What are product and process technological changes?
What will be an ideal response?
Answer: Technology is a external environment force that can critically affect organizations. A specific technological innovation can spell the birth and growth of one firm and the decline and death of another. Although the technological environment can be quite complicated, managers especially need to focus on two basic dimensions of the technology environment - product and process changes.
Product technological changes are those that lead to new features and capabilities in existing products or to completely new products. Managers need to know what product technology changes are occurring, especially in their industries. Because firms increasingly win or lose as a function of their technological advantages and disadvantages, an awareness of technological advances at home and abroad is critical.
Process technological changes typically relate to alterations in how to make products or how to manage enterprises.
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