business dynamic nature of business

• In business, change is inevitable, and it is crucial that businesses adapt to their consumers wants as they change overtime
• Without meeting the needs of customers, it's very unlikely that a business will survive long term, never mind make a profit
• Business is very dynamic in nature and change can happen overnight, but some markets are much more dynamic than others
• Some markets change quicker and more often than others
• It's essential that businesses continually monitor and analyse the market they operate within to understand its dynamic nature so the business can effectively and efficiently react to any change
• Adaptations allow businesses to meet the ever changing needs of their consumers
• Entrepreneurs may develop new and unique business ideas such as innovative products and services after identifying a gap in the market as a result of any changes
• Key factors which influence the dynamic nature of a market and present opportunities for new business ideas

  • Changes in technology
  • Changes in what consumers want
  • Products and services becoming obsolete
• Technological advancements


  Provide entrepreneurs with the opportunity to take advantage of gaps in the market with new business ideas
• Technological advancements


  • Integrating E-commerce and M-commerce
  • Rise of web technologies and mobile device technology
• Technological advancements have made entrepreneurship more accessible than it ever has been before
• Technological advancements


  • Websites such as Shopify providing a platform for entrepreneurs to open an online store
  • Fulfilment methods such as dropshipping
• Technological advancements


  • Introduction of streaming services such as Spotify and Netflix
• Changes in demographics, consumer tastes and trends in society are all very influential factors in relation to the dynamic nature of business
• Changes in demographics


  Age, gender, ethnicity, and levels of income all have a direct impact on what consumers want
• Changes in demographics


  • Aging population leading to businesses targeting older consumers
  • Decrease in income levels leading to rise in popularity of discount retailers
• Changes in consumer tastes and trends

  • Sneakers evolving from sportswear to fashionable and cultural commodities
  • Rise in veganism leading to businesses adapting product ranges
• Many products and services have a limited lifespan and at some point, in the future will become obsolete and no longer be available for consumers
• Product lifecycle


  Allows a business to analyse the life stage their product is in during its lifetime, right from the initial launch through to decline
• The only thing we can guarantee in business is change due to its dynamic nature