Dynamic nature of business

• What is crucial for businesses to do in response to changing consumer wants?

  Adapt to their consumers' wants as they change over time
• Why is it unlikely for a business to survive long term without meeting customer needs?

  Because meeting customer needs is essential for long-term survival and profitability
• What does the dynamic nature of business imply?

  Change can happen overnight, and some markets are more dynamic than others
• How can businesses effectively react to market changes?

  By continually monitoring and analyzing the market they operate within
• What is an example of a product adaptation by Weetabix?

  Launching an on-the-go version of their traditional breakfast cereal
• How has Cadbury adapted its branding over the years?

  By making subtle changes to their logo and packaging
• What adaptation has McDonald's made to enhance the customer experience?

  They have introduced self-serve machines, an app, and home delivery services
• What are the three key factors influencing the dynamic nature of business?

  Changes in technology, changes in what consumers want, and products/services becoming obsolete
• How do changes in technology provide opportunities for entrepreneurs?

  They allow entrepreneurs to take advantage of gaps in the market with new business ideas
• What has become standard practice for most businesses today?

  Integrating E-commerce and M-commerce into their operations
• What does the rise of mobile device technology allow entrepreneurs to do?

  Run a fully functioning business from a smartphone and an internet connection
• What is dropshipping?

  A fulfillment method where orders are fulfilled automatically through a third party
• What happened to Blockbuster in relation to Netflix?

  Blockbuster declined the opportunity to buy Netflix and failed to adapt, leading to its closure
• How do changes in demographics affect consumer wants?

  They directly impact what consumers want based on factors like age, gender, and income
• What societal trend has influenced the popularity of sneakers?

  The evolution of sneakers into fashionable and cultural commodities
• What was the global sneaker market valued at in 2020?

  $79 billion
• What has caused a rise in veganism in the UK?

  Concerns for animal welfare and the planet
• What product did McDonald's introduce in response to changing consumer needs?

  The Vegan McPlant Burger
• What is the product lifecycle used for?


  To analyze the life stage of a product during its lifetime
• What was the first mobile phone sold commercially?

  The first mobile phone was sold in 1983
• How did Nokia contribute to the mobile phone market?

  Nokia mass-produced the world’s first mobile phone
• What significant change did Apple bring to the mobile phone market?

  They introduced innovative features and became the market leader
• What future technology did Mark Zuckerberg unveil with Ray-Ban?

  Smart glasses that allow users to take photos, listen to music, and make phone calls
• What are the key reasons businesses must adapt to changes in the market?

  • To meet changing consumer needs
  • To remain competitive
  • To avoid obsolescence of products and services
• What are the main factors that influence the dynamic nature of business?

  1. Changes in technology
  2. Changes in consumer wants
  3. Products and services becoming obsolete
• How do businesses adapt their products and services over time?

  • Monitoring market trends
  • Adapting product features
  • Introducing new products
  • Changing branding and marketing strategies
• What are some examples of businesses that have adapted to changing consumer needs?

  • Weetabix: On-the-go breakfast cereal
  • Cadbury: Changes in chocolate bar packaging
  • McDonald's: Self-serve machines and vegan options