Effect of technology on Demand of mobile phones
In today’s world demand and supply forms the basis in which the world economy is built on. In marketing and promotions, questions are raised as to whether it’s the demand that creates supply or the vice versa. However, whichever comes first, the results are a massive market in the mobile phone industry. All across the world, usage of mobile phones has created new opportunities for both workers and business.
Recent innovations add-on in the mobile phones such as mobile payroll services has impacted demand for mobile phones positively through which firms across the world has adopted the technology to boost workers economic security and to eliminate workers the risky process of cash compensation (Factors Affecting the Market Demand & Supply for Mobile Phones | Techwalla.com, 2017). Increase in world demand for mobile gargets, has resulted in competing prices between firms involved in production which is one of the factors that has led to shifts in the demand for mobile phones.
Oftenly , new gadgets with better features are processed. With new technology or a new feature added on the gadget, this increases the demand for example a new feature like camera has increased the demand for mobile phones which has led to many people going for clear and quality photos which have formed the basis on which brand to choose from (Factors Affecting the Market Demand & Supply for Mobile Phones | Techwalla.com, 2017). Nowadays companies use the concept of societal marketing as the main marketing strategy which allows them to focus on their customers new needs in innovation and technology.
This creates a need to the consumers which goes beyond the demand and creates a state of self-deprivation which describes demand as a human want which is based on consumer purchasing power. The field of technology is vital in determining the need to an individual operating within the surroundings which are affected by the product. Acceptance to changes is felt more in an economy where people accept on the need of the product.
Factors Affecting the Market Demand & Supply for Mobile Phones | Techwalla.com. (2017). Retrieved from https://www.techwalla.com/articles/factors-affecting-the-market-demand-supply-for-mobile-phones