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Homework answers / question archive / It is obvious that the improvement in technology affect the market structures of various products
It is obvious that the improvement in technology affect the market structures of various products. This is not a new phenomenon. If you go back little bit, you will see that even telegraphic transmission (simply the invention of telegraph) affected the markets heavily. With the introduction of telegraph, the price gap between markets is narrowed (Scharlott; 1987; Field, 1998; Thomson, 2011; Hao et al., 2020). Mobile phones and internet, relatively recent technological developments have similar impacts on markets, carrying this price stability across even continents (Abraham, 2006).
REFERENCES
Abraham, R. (2006, May). Mobile phones and economic development: Evidence from the fishing industry in India. In 2006 International Conference on Information and Communication Technologies and Development (pp. 48-56). IEEE.
Field, A. J. (1998). The Telegraphic Transmission of Financial Asset Prices and Orders to Trade: Implications for Economic Growth, Trading Volume, and Securities Market Regulation. Research in Economic History, 18, 145-184.
Hao, Y., Li, Y., & Nye, J. V. (2020). Information Transmission and Market Integration: The Impact of Telegraph Construction on the Grain Markets in Late Imperial China.
Scharlott, B. W. (1987). The Telegraph And The Integration Of The Us Economy: The Impact Of Electrical Communications On Interregional Prices And The Commercial Life Of Cincinnati (United States).
Thomson, R. (2011). Did the Telegraph Lead Electrification? Industry and Science in American Innovation. Business & Economic History On-Line, 9.
This piece is just to show you how we need to provide information. These sentences are totally mine. I am using the information from the articles but not using any word from them. Also, it is important to know how to cite. Inside the parentheses, the articles are chronological, while the articles are alphabetical in the reference list.
The only CONSTANT thing in the world is CHANGE. Any firm which is not ready to change with the changes in external environment is out of the market. For instance, Nokia was enjoying the highest market share once. When all the mobile companies starting moving towards Android System, Nokia refused to switch from Symbian OS to Android, key pad based phones to Touch Screen phones and thus is now out of the market. At the same time, Blackberry is out of the market as they were not ready to change the technology.
There is a strong relationship between Market and Technology. As the technology evolves, there is a market for new products and old products become obsolete. Flat Screen Televisions have given the way for LCD TV, then Plasma TV and now there are Smart TVs in the market.
Market always looks for and accepts the better technology products. This is applicable in case of all electronic items, readymade apparels, automobiles and education tools. Manufacturers should also adopt the latest technology and manufacture the products in line with the prevailing technology, otherwise they get vanished from the market.
Better Technology products are very expensive in the initial days but the price falls over a period of time. Thus it becomes affordable by a larger segment of customers over a period of time.
