The dynamic nature of business

• What are the 2 types of products?

  Goods and services
• What is a good?


  A tangible product
• What is a service?


  An intangible product
• What does dynamic mean?


  Changing or evolving.
• Why do businesses tend to arise?

  Changes in society, trends and technology
• What happens to businesses if not dynamic?


  They become obsolete
• What is e-commerce 


  Using the internet to carry out business transactions
• what is m-commerce?


  Using a mobile device to carry out business transactions.
• list 5 ways a business can gauge customer needs

  1. posts
  2. Likes
  3. Comments
  4. Direct messages
  5. Hashtags
• Advantages of social media:


  It can help build brand image and help meet customer needs
• Disadvantages of social media:


  Trolls might make negative comments and the elderly. might not be able to use it.
• Advantages of E-commerce:

  1. Convenience
  2. don’t need a physical outlet
  3. Access to a larger customer base
• E-Commerce disadvantages:

  1. If the website goes down the customer can’t access the business
  2. If customer doesn't have access to a computer, can’t access business
  3. elderly may not be able to use technology