1.1.1 dynamic nature

• What’s a dynamic market?

  A market that is constantly changing.
• How can business ideas come about?

  Changing technology, changing in consumer needs, products/services becoming obsolete, new and original ideas and adapting existing products/services or ideas
• How can new technology affect a business?

  It can improve products/services and make them more desirable and create more business opportunities
• Examples of what new technology can do:

  make products/services faster, make products smaller, make product/services cheaper, make products/services easier to use and make them safer
• What’s e-commerce?

  Any business transaction that takes place using the internet - can sell to different countries and customers on a wider scale
• What’s m-commerce?

  Any business transaction that takes place through a mobile device
• How can social media be used?

  For businesses to interact with customers, creates more brand awareness, pay influencers to promote their brand and reach their target market
• Examples of changing consumer needs:

  Changes in fashions, in economy, in national demographic, lifestyle and technology
• What does obsolete mean?

  No longer in use or outdated
• What is planned obsolescence?

  Designing products with a limited lifespan to encourage consumers to buy new ones.
• What’s invention?

  Creating something that didn’t previously exist - is there a gap in the market to fill? how can I do this better than an existing business? how to introduce innovation?
• What’s innovation?

  Introduction of something new or the adaptation of a product overtime to improve its features
• What’s adaption?

  The process of changing an existing product/service so it’s suitable for different customers
• What’s examples of adaptions?

  Changing a product‘s brand, changing the format of a product, adapting promotion strategies and adapting for innovatives