Technology the results of the new marketTechnology the results of the new market

Technology is making usage and knowledge of tools, techniques and systems to solve a problem and resolution. It affects human ability to control and adapt to its natural environment. The world’s base of technology and know-how has increased at an exponential rate. For instance, various separated technologies of different systems have emerged towards similar goals. A typical example of this technology is the internet, which is the worldwide interconnection of computers and computer networks that facilitate the sharing and exchange of information among users. It can be accessed anywhere at any time. However, technology advances are making it possible, for solutions and products not even demanded of the decade ago to be demanded in today. It is also seen as one the factors responsible for changing consumer demand. Consumer needs includes unique wants, wishes, desires, and emotional attachment towards a product (Cooper 2001).  One of the results of the new market pace of technological change coupled with changing market needs and demands has been shorter product life cycles. Products no longer have a life after five to ten years, or sometimes even in months it is superseded by competitive entry, rendering the product obsoletely and necessitating a new product. Its use goes down. In some cases, consumers discontinue the product consumption. Maintainig this product consumption demand, that companies must add new features and find new users, reduce costs, and continue to offer it to loyal consumers or discontinue the product. Internet, which is viewed as one of the technology advancements that have raised consumer curiosity and awareness. Bodin (2000) claimed that this curiosity has resulted in consumers seeking new features from existing products, thus leading to consumer changing needs and declining product consumption. It has also resulted in consumer varying needs (Clark, 1995). One typical example of consumer changing needs that could result to decline in product consumption is convenience. Convenient consumers want easier product (Chung & Hsu, 2010). The inability of existing products to offer convenience can result to declining product consumption. In reacting to this situation, Holtzman, (2011) & Patrick (2000) encourage companies to identify emerging and potential features and benefits that consumer wanted, also used them to develop a new product. These companies are persuaded to repackaged and produced shorter version of the existing offering.  Since new product development is view as a way of managing, adapting, coping to effects of changing consumer and decrease in product consumption cause by technology advances. It will mean that technology advancement such as internet development can change consumers need, results to decline in consumption and triggers new product development.