Demonstrate briefly how introduction of information technology could affect the following: i. Products and services ii. Production economics. iii. Buyers. iv. Suppliers. v. Substitute products. vi. Competitors.

- Products and services: It improves the quality of products and services being rendered and
reduces cost of product and services,
- Production economics; Speed up the production process because there is minimal time spent on
production reduces the wastage of raw materials.
- Buyers; They are able to acquire knowledge of prices of products being offered by various
sellers hence enabling them to choose the most suitable product for their consumption in terms of
prices and quantity. Provides quick and convenient services to the buyers.
- Suppliers: Due to introduction of Information Technology suppliers are now able to table out
the products offered and quoting the prices of each products in their website hence reducing the
cost of advertising in media and other sources interaction is enhanced between suppliers and
improves competition.
- Substitute products: One is able to obtain the knowledge of how substitute products is doing in
the market and evaluate most appropriate time to deliver the substitute product in the market.
It may lead to production of counterfeit products.
- Competitors: They are able to understand the activities of their competitors through their
websites as product prices hence coming up with a well-planned strategy that will outdo their
competitors in terms of profit or demand by the consumers.

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Kavungya answered the question on May 13, 2019 at 10:39