The dynamic nature of business

• Changes in technology

  > E-commerce- business transactions using the internet

  > M-commerce- any business transactions using mobile devices

  : Transactions, developing apps, payment method

  > Social media- business-customer interactions
• Changes in what consumers want

  • Demographics- characteristics that make up a population: age, gender, disability, nationality, religion, ethnicity and income levels
  • > Helps to decide target markets
  • Changes in what consumers want
  • > trends, lifestyle and technology
• Products and services becoming obsolete

  • As products become obsolete new products replace them
  • Technological advances cause [roducts to become obsolete
• Original ideas


  Inventions- creating something that did not previously exist

  Innovations- adaptation of a product over time to improve its features
• Types of adaptations

  • Changing a products brand: name/brand/packaging/logo- to boost sales
  • Changing format of a product- altering colour or style in response to new fashion trends and marker
  • Adapting strategies used for promotion and advertising of goods and services- special offers/discount codes/change of advertising focus
  • Innovations- growing demand for vegan etc