Question

1. Cite an instance when you should consider "making" new technology
2. Cite an instance when you should consider "buying" new technology
3. Cite an instance when you should consider "modifying" existing technologies to create a new one.

In your citations, include the following:

1. What technology do you wish to develop?
2. What are the resources available or lacking which would make consider this option?  

Answer 1

• "Making" new technology

Consider an example, where a businessman is planning to start a business of manufacturing pesticides. But this process will emit a large amount of harmful waste. So to be environment protective, the businessman thinks of developing such a technology where the harmful wastes are directly dumped in a pityard made under the ground so that the waste generated does not affect the environment.

For doing this a proper drainage system is needed to be setup using resources like underground pipes. They have to be properly channelized so that waste material does not split in the way.

By doing this, the businessman is protecting the environment from being polluted by making or developing a new technology.

This is the example of making new technology.

• "Buying" new technology

Consider a person who is involved in the business of selling rice and pulses to different retail shops. In recent 2 months he found that his sales has gone down by higher rates as retail shopkeepers are having an issue that the pulses and rice adopt a smell due to the moist weather conditions because of which customers are not willing to buy the product or they have returned it after purchasing.

So to fight against the situation, he decides to buy a machine for cold storage that provides good tempreture and other required conditions to the materials being stored. Thus buying this new technology would help increase the sales of the business. The resources which are required to buy this technology is the money it requires in its purchase.

May be for the starting this would increase the cost of the company but later on it would result in giving profits by increasing sales and protecting the materials also.

• "Modifying" existing technology

Suppose there is a clothing industry that manufactures Winter clothes. The patterns of winter wear being manufactured are very simple and with basic designs. Few years back those were having a huge demand and company was making profits out of that.

With the changes being evolving in times and choice of people are shifting the new pattern has been emerged with winter wears having different patters and designs on the clothes. People are preferring to buy the cloth materials with varied designs and patterns.

Now the company is finding it difficult to compete with others in the market. Therefore it igas decided to modify its existing technology so as to manufacture woolen clothes with varied pettern and designs instead of simple and basic woolen clothes.

This would help in increase in the demand of its product and help make profit in business.

To modify the existing technology, the business needs to introduce the old machines with new pattern set up where the old machines are upgraded to make use of more than one particular colour wool so that the clothes manufactured are having varierty of colour mixes including different attractive patterns made on them because of installing new pattern in the old machines.

This will help manufacture woolen clothes which are og new pattern and liked by the new generation and thus it solves the problem of business going in loss from few years.

So, here with the help of three examples we saw how one can make, buy and modify the technology and why is it important and what are their requirements.