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Interactive games that can be accessed via a mobile

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interactive games that can be accessed via a mobile device or computerproducts that make life easier products that perform multiple tasks (such as smartphones)products that are customized to the consumerEach of these demands is linked to a social or technology trend.Companies track cultural trends that drive consumer demand and create products that meet consumer needs. The Internet, new technology, and social media have an enormous impact on consumer markets. Consumer markets are markets for products and services that are designed for individual consumers and families. Today, consumers have access to numerous product reviews on the Internet and social media.New technology gives companies the direction they need to create new products, and it also helps improve communication and facilitate business operations. However, while technology provides multiple benefits, it can also harm a company’s reputation. Let’s first look at how companies benefit from using technology.Benefits of Technology for CompaniesWhen we say something has “goes viral,” it means that the message has instantly spread around the world through the Internet and social media.When news about a new product or service goes viral, it can benefit a company.
Consider this scenario. A news report states that a smartphone featuring a new technology is available exclusively in one online store. The announcement goes viral. Within hours, the store has sold out of the product. The phone company strengthens its reputation for selling the best products. This is an example of how the Internet benefits a company.In this situation, a news report on a new technology went viral. It was probably viewed and shared on social media websites. The information it provided caused a spike in customer demand. People went out and immediately purchased the new technology. The company that produced the technology received an immediate boost to its reputation.Potential Damaging Effects of Technology for CompaniesThe Internet and social media can be damaging for companies as well.When something negative happens, it is almost impossible for a company to do damage control when the news has gone viral on the Internet and social media.Consider this scenario. A customer in a fast food restaurant finds a hair in his cheeseburger. He takes a photo of it and posts it to a social networking site. Within minutes,the photo goes viral and everyone is saying that the store doesn’t serve clean food. The next day, a news report is released about the event. This news report is also shared on social media. The store’s sales fall sharply.In this example, a consumer shared his negative experience of a restaurant’s service using a social networking site. Millions viewed the photo. The photo even received news attention,which further spread the negative information. In this case, social media helped damage thecompany’s reputation.

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Term
Fall
Professor
SueMiklos

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