1.What is the role of technology in enhancing the overall compositeness of a fir m supporting your answer with suitable examples.

During the past few years, the rate of change in regards to technology has incre ased drastically. Businesses processes have changed and made organizations more efficient. At the same time, technology has opened lines of communication, allow ing businesses to communicate and collaborate beyond borders with ease. Collabor ation is the future of business competitiveness as companies become more innovat ive, connect to people better, and overall act faster in the "flattened" marketp lace of today's global, internet economy. Technology has made business faster It is undeniable that technology has made business move much faster than before. Personal computers and the Internet have revolutionized the way we work. E-mail interactions have replaced memos, phone calls, and faxes. Smartphones can conne ct you with your entire business network while you are out of the office, allowi ng you to respond quickly. Workflows and automated tasking systems have cut down on organizational bureaucracy, streamlining operations. Speed, matched with tec hnology, adds flexibility and responsiveness to interactions. Technology has allowed for far-reaching collaboration The Internet has allowed geographically dispersed teams to virtually meet from a nywhere in the world. Conference calling, video conferencing, e-mail, cloud comp uting, Skype, and instant messaging have flattened the world. Additionally, with social networking sites like LinkedIn, businesses can connect to an even larger business network. The result is greater productivity and a wider blend of talen ts, abilities, and viewpoints. Technology has flattened the marketplace In the same way that technology has allowed for collaboration beyond geographica l borders, technology has also reduced the barriers to entering markets around t he world. This allows buyers and sellers from around the world to connect and do business. Skype, video conferencing, and online translation services help peopl e to communicate and close deals. Technology in business encourages innovation Don t like the way something works? Do you notice that customers have a certain ne ed that is not being met? Do something about it. An example is Zillow, a website created by two former Microsoft employees that helps people get through the maz e of real estate transactions. When they launched the site, real estate agents w ere initially against the idea, but now they collaborate with buyers through the website. The two noticed a need for transparency in the market. With the site, they have created a way for buyers and sellers to share information on houses fo r sale. Technology has changed how we connect and sell to clients Perhaps the most important change, technology has allowed businesses to connect and sell to clients in new ways, including mass e-mails, blogs, and recently, Tw itter. These tools allow businesses to stay relevant in a customer s mind, and the y help prospective customers to find new companies to do business with. When a prospect learns of your business, the first thing they will do is Google your name. Next, they click on the link to your website to learn about you. The prospect comes to you informed about what you do and who you are. 2.What is technology diffusion and discuss its importance in technological inno vation in a given firm. What is technical innovation and technical diffusion There are three stages in the process by which a new, superior technology perme ates the marketplace. Invention constitutes the first development of a scientif ically or technically new product or process. Innovation is accomplished when a new product or process is made available on the market. Diffusion (or dissemination) is the process that sees a successful innovation gr adually coming to be widely available for use in relevant applications through a doption by firms or individuals. The cumulative economic and environmental impac ts of new technology results from all three of these stages, which we refer to c ollectively as the process of technological change.

However, these definitions might wrongly suggest that technical change is a line ar process that simply goes from invention to innovation to diffusion. In fact, it is more a cyclical process; the feedback between market experience and furth er technical development are especially important. Market prospects are the most vital stimulant of industry research and development (R&D) and the deployment o f technologies is a key source of information on them. Market development and te chnology development go hand in hand. Importance in technological innovation in Organization. What is likely to kill a company in this new economy is not somebody doing somet hing better, it s somebody doing something differently.? So is it all about being different in the market, may be true for some industry sectors but not applicabl e for general industries. In today s fast moving economic situation, mostly catego ry breaking business environments meet their objectives. Only such companies mee t their estimate growth, gain profit, out run their competitors and show excelle nce in execution. They achieve by the culture of ?INNOVATION?. In every industry, the leading companies are the innovators. However the cadre of innovators keeps changing. For example, Thomas J. Peters and Robert Waterman (1982) cited that companies like Amdahl, Texas Instruments, Eastman Kodak, and M aytag as exemplars in their business classic, In Search of Excellence. They achi eved that stage by extensive innovation and market presence for years. Meanwhile, today s innovators such as Wal-Mart (chain of retail shops), Southwest Airlines (good service for low fare), eBay (online auctions), and the University of Phoenix (degree programs for working adults) are themselves relative newcome rs. Such high turnover at the top suggests that the real problem is not with the lack of innovation, but it is ?Sustained Innovation?. Companies may seize upon a good idea that gives them an advantage for a while, but sooner or later, they cede this advantage to a competitor who has found an even better idea. As Nicholas Stein (2000) correctly mentioned, ?Innovation is at the heart of sus taining a company s competitive advantage?. This holds very true as long as any co mpany wants to stay on top of their competitors and win the innovation game. Inn ovation is very important criterion for success in the future, (Horibe, Frances Dale Emy, 2001) an important study done on the rate of return of 17 successful i nnovations shows a mean return of 56% in comparison with an average Return on Investment (R Ol) of 16%. It is clear that organizations need to innovate to survive and achie ve good profit figures.