It is evident that macro-environment forces have had an impact on the way organizations behave; this is because of their uncontrollable significance to business environment. Technological change is one of the macro-environment; almost all organizations in the world are affected by changes in technology.
The influence of macro-environment is normally beyond the controlling capacity of organizations especially in the market perspective. Technology has enhanced dissemination of information more than ever imagined; today’s buyers have a wide range of information at their disposal unlike in the past. It is with this respect that technology as one of the greatest macro-environment forces will be explicitly discussed.
In order to comprehend the significance of technology in the market, it is imperative to fully understand the meaning of macro-environment forces. In this sense, macro-environment simply means the environmental forces or factors that indirectly alter the operations of an organization. Organizations cannot change these forces since they are external, some of the common macro-environment force includes but not limited to the following factors; economic changes, political changes technological, and socio-cultural changes.
In the modern world, one of the leading forces in the macro-environment sense is technology. The rationale for this is because of its influence on the buyer’s choices. In essence, a buyer today has a range of choices unlike before the development of technology. The internet is the world hub of information that can either benefit or disadvantage an organization. Leveraging on information can make a small firm appear larger.
More so, it creates a balanced competing environment for all the firms involved. In this sense, considering that consumer have adequate information about different products and the expected quality which includes the manufacturing materials and their effects with respect to health, consumers are more cautious as compared to the past. This is the reason why the effects of technological changes cannot be over-emphasised.
With the ever increasing globalization, technology is a pertinent of strategic alignment of many organizations. Since globalization creates both opportunities for new market venture and also increases the number of competitors, the products and services of a company are easily threatened. In this perspective, technology has the ability to change consumption rate of consumers and therefore imperative in market decisions of the firm.
A firm can use the information acquired from the customer’s opinion to improve their services and products. The internet is also an imperative marketing tool that can increase the market of a product or service globally. The strategies chosen by an organization are therefore critical for the success of the marketing process. More so, it is worth noting that technology has created a global village and hence a global market, most organizations that do not adapt to this vital marketing tool are easily eliminated.
As discussed in this analysis, it has been clearly shown that technology is pertinent to market decisions in the modern world because of its inevitable significance. Technology can therefore be considered to be one of the most vital macro-environment forces in the modern world. As also discussed, the consumers buying ways have been significantly shaped by technological changes due to the information provided to them.
This means that the modern consumers are cautious on what they purchase and make more informed decision on their buying habits unlike in the past. With this perspective, it is important to note that market decision of many organizations are influenced by technological development as a one of the macro-environment forces more than other forces because of the technological significance in the market.