The dynamic nature of a business

• business need to meet the needs of consumers to surive and make a profit
• How may a business meet the needs of consumers?

  Adapting existing products, services and ideas
• adapting existing products may include?

  changing technology, changing rapping, new and unique business ideas
• Reasons for new business ideas?

  changes in technology, changes in what consumers want, products/services becoming obsolete
• changes in consumer wants include?

  demographics, consumer tastes and trends in society
• Ways to extend the product lifecycle?

  cost-cutting, loss leader, repackaging, product improvement, new advertising, identify new markets