Dynamic nature of business

• • Define dynamic nature of business:


  = Businesses operate in dynamic markets. New opportunities arise and new businesses and business ideas are created.
• What does an entrepreneur do to fill a gap in the market.


  Wherever there is a need for a product or service, an entrepreneur may take the chance to meet the need with a new business venture.
• what does dynamic markets mean 


  = competitive markets
• what does venture mean:


  to undertake a risky project
• changing in technology:


  As new technology develops, new business opportunities arise. New technology can often improve products and services, and make them more desirable in a number of ways.
• bullet point why changing technology is more desirable


  • makes products and services faster
  • makes products smaller ( more compact)
  • make products and services cheaper
  • make products and services easier to use
  • make products safter
• what is changing consumer needs:


  = Society is constantly changing . These changes lead to consumers spending their money in different ways. New business opportunities can arise because of new consumer wants and needs.
• bullet point what could be the changing consumer needs: 


  • changes in fashion (trends)
  • changes in economy
  • changes in national demographics
  • changes in lifestyle(the way consumers spend their leisure time)
  • changes in technology
• Why is obsolescence important is the dynamic nature of business.


  = The introduction of new technology and the changing nature of consumer needs means that products and services can become obsolete very quickly.
• Are products designed to be obsolete?

  Many products are designed to only last a short time, and consumers are encouraged to buy newer and improve versions of these products. This is called planned obsolescence.
• what does obsolescence mean? 


  out of date