It is TRUE that technology creates a whole new set of competitors to the extent that it leads to changes in a company's business model.
Rightly, technology has been declared a game changer in the business competitiveness landscape New business models have sprouted from technology.
- For example, retail businesses that relied on bricks and walls and cash models have either embraced new business models or gone out of business.
- Technology has demonstrated that a business does not need to own a physical shop and address in order to market and sell products to customers.
- With technology, a business can even seamlessly sell to customers across national boundaries.
Thus, technology has altered business competition. Competition has, in turn, revolutionized business practices and created new business models.
Read more on how technology and competition continue to accelerate business models at https://brainly.com/question/15104111
