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Samsung
Technology plays a significant role in the success of a company. Samsung relies on new technologies to come up with new products that will satisfy customer needs and demands. In today’s world, competition among companies has grown very stiff hence the need to do a lot of research into the latest technologies. With new technologies coming out every day, Samsung and its competitors have devoted a lot of time and resources into research and development. As explained in the text, the use of technology affects the financial performance of any company. Before rolling out the technology in company operations, there must be extensive research to find out the costs and benefits before making the final decision.
It is clear that the cost of technology affects the profit margins of the company in question. If a company finds that the use of a particular technology costs more than the profits to be generated, it is imprudent to use such technology. Companies, therefore, look to maximize their profits by using the most cost-effective technology there is. Technology should also be used to satisfy customer needs. If a competing company has some technology that increases the efficiency of their products, then other companies must do their best to step up their efforts at similar technologies. In the market, most products from different companies have the same technology; hence, a company that lags will lose its market share. Research and development are two key factors when it comes to developing new technologies. Companies must study their target markets and analyze their needs. From this information, engineers can then come up with technologies that meet the market requirements. It is also essential for the researchers to look at competitor’s products to determine which technologies will work best and which will fail. The cost of technology is then calculated. If it results in a reasonable profit margin, the company can go ahead to implement it.
