Impact of Technology and Social Media on Business and Globalisation on UK Economy

Business and
Management

TABLE OF CONTENT
INTRODUCTION...........................................................................................................................3
MAIN BODY..................................................................................................................................3
SECTION- A...................................................................................................................................3
Evaluation of the way development or changes in technology and social media have impacted
business in last ten or fifteen years..............................................................................................3
SECTION-B....................................................................................................................................5
Impact of globalisation on specific country that is UK...............................................................5
CONCLUSION................................................................................................................................7
REFERENCES................................................................................................................................8

INTRODUCTION
Business refers to several activities that are undertaken by individual to exchange
products and services for earning sufficient amount of profit margin. Management is important
process or function that needs to be performed by company for making effective and optimum
utilisation of physical and human resources for achievement of pre set objectives of firm. There
are several changes and development in technologies that have impacted upon business operation
and strategy. This report covers answer of two main questions that is impact of development in
social media and technology on products and services and operation of business. Second is that
the way globalisation have impacted particular country that is UK.
MAIN BODY
SECTION- A
Evaluation of the way development or changes in technology and social media have impacted
business in last ten or fifteen years
It can be stated that there are several changes and development in technologies that have
makes life’s of people better and advanced by providing them ease and comfort to complete a
particular task. Social media is a platform that is used by millions of people several times in
order to searched information, have funs or entertainment. Smartphone is used by each
individual to gain access on social media such as Facebook, Twitter and instragram in order to
connect with different people that are staying away from each other or for any other purpose
(Lombardi, 2019). Therefore, use of social media by large number of individual have provided
opportunities to organisation to market or promote their products and services through such
medium as it saves time, cost and efforts.
Customers loyalty: It is one of the effective and quick method to influenced maximum or
diverse individual to select specific products and services of firm for satisfaction of their
respective requirements. Right social media strategy adopted by enterprise can contribute in
growth and success of enterprise and enhancing reputation of business. Due to digital
transformation business are able to show the way their products and services have changed life
of other people living in society. New customers are easily review feedback, comment, likes and
share of particular brand products and services thus able to make correct or right decision to
purchase for fulfilment of their basic requirements. New, innovative technologies have
contributed towards development and maintenance of strong relationship with diverse customers