These factors are:
1. More/better output from the same input: With advancements in technology, businesses can often achieve greater productivity and efficiency. They can produce more output or improve the quality of their products or services without increasing the input or resources required.
2. The structure of competition: Technology can significantly impact the competitive landscape. It can create new opportunities for businesses to enter the market or disrupt existing industries. It can also change the dynamics of competition by enabling innovative business models or providing a competitive advantage to those who embrace and leverage technology effectively.
3. Benefits to the end customer: Technological advancements can bring various benefits to the end customer. It can lead to improved products or services, enhanced convenience, increased affordability, or better customer experiences. Customers often expect businesses to leverage technology to meet their evolving needs and preferences.
These factors highlight how changes in technology can have a profound impact on businesses, competition, and the overall customer experience.
