Learn how to do External Analysis of a company (with examples)

Technological factors are those aspects that relate to the current and future development in technology.

Technology has become a part and parcel of our life. It’s use range from product production to the product selling. It is used in product itself.

In the past few decades, technology has grown many fold. Every few months some new advancement hits the market, putting previous one redundant.

Through analysis of technological factors, we try know which technology is new in the market, which one is being used by the people, which one is expecting to come in the future, which one will go redundant, and so on.

This analysis gives an idea about whether the product that company wants to launch will be successful or the customers will reject it considering it too advance or outdated.

The technologies used in the product needs to match the demand of that technology in the market, else there exists chance of rejection.

In the next lesson we will understand how to conduct technological analysis.