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Smartphones

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Business and Economics Reporting

Definition

Smartphones are advanced mobile devices that combine the functionality of a cell phone with that of a handheld computer, enabling users to access the internet, run applications, and communicate through various means. They represent a significant leap in technology and have transformed how individuals interact with each other and the world, serving as a key driver of disruptive innovation across various industries.

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5 Must Know Facts For Your Next Test

  1. Smartphones have revolutionized communication by integrating multiple functions such as texting, calling, video chatting, and social media into a single device.
  2. The rise of smartphones has led to the decline of traditional industries like photography, music, and navigation, as users now rely on apps for these services.
  3. Major smartphone manufacturers, like Apple and Samsung, have significantly influenced global economies through their innovative products and marketing strategies.
  4. The introduction of app stores has created new business models for developers and entrepreneurs, enabling them to reach consumers directly and monetize their applications.
  5. Smartphones contribute to disruptive innovation by facilitating rapid advancements in technology, influencing how businesses operate and how consumers access information.

Review Questions

  • How have smartphones contributed to the disruption of traditional industries?
    • Smartphones have disrupted traditional industries by replacing standalone devices with multifunctional applications. For instance, navigation systems are now often replaced by mapping apps on smartphones, which are more convenient and accessible. Similarly, photography has been transformed as people rely on smartphone cameras instead of dedicated cameras. This shift has forced industries to adapt or face decline due to changing consumer preferences.
  • Discuss the impact of mobile applications on the economy since the rise of smartphones.
    • Mobile applications have significantly impacted the economy by creating new markets and business opportunities. As smartphones became widely used, app stores emerged, allowing developers to reach global audiences directly. This has led to an explosion in app-based businesses across various sectors such as gaming, fitness, finance, and education. The app economy has not only generated revenue for companies but also created jobs for millions of developers worldwide.
  • Evaluate how the development of smartphones has changed consumer behavior in relation to information access and communication.
    • The development of smartphones has fundamentally changed consumer behavior by making information access instantaneous and communication more flexible. With the ability to browse the internet, use social media, and receive notifications on-the-go, consumers are now more informed and connected than ever before. This shift has led to an expectation for real-time information and interaction, which has influenced how businesses engage with customers and deliver services.
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