dynamic nature of a bussiness Flashcards
(26 cards)
What does the term ‘dynamic nature of business’ refer to?
The constant changes and adaptations businesses must make to survive and thrive in a competitive environment.
True or False: The dynamic nature of business only refers to changes in consumer preferences.
False
Fill in the blank: Businesses must adapt to changes in _____, technology, and competition.
market conditions
What is one external factor that can impact the dynamic nature of a business?
Economic changes
Multiple Choice: Which of the following is NOT a reason for a business to change? A) Market demand B) Technology C) Employee satisfaction D) Government regulations
C) Employee satisfaction
What role does technology play in the dynamic nature of business?
Technology drives innovation and efficiency, prompting businesses to adapt their processes and offerings.
True or False: A business that ignores market trends is likely to succeed in the long term.
False
Fill in the blank: Businesses must continuously monitor _____ to remain competitive.
market trends
What is a key challenge businesses face due to the dynamic nature of their environment?
The need for constant innovation.
Multiple Choice: Which of the following is a strategy for dealing with the dynamic nature of business? A) Sticking to a rigid business model B) Ignoring customer feedback C) Embracing change D) Avoiding competition
C) Embracing change
What does SWOT analysis help businesses identify in a dynamic environment?
Strengths, weaknesses, opportunities, and threats.
True or False: Economic downturns have no impact on the dynamic nature of business.
False
Fill in the blank: The process of adapting to changes in the market is known as _____ management.
change
What is one way businesses can anticipate changes in consumer behavior?
Conducting market research.
Multiple Choice: Which of the following is a benefit of being dynamic? A) Increased market share B) Decreased customer loyalty C) Higher operational costs D) Reduced employee morale
A) Increased market share
What is the impact of globalization on the dynamic nature of business?
Globalization increases competition and opens up new markets for businesses.
True or False: A static business model is more effective than a dynamic one in a changing environment.
False
Fill in the blank: Businesses often use _____ to innovate and adapt to changing market conditions.
research and development
What is the significance of customer feedback in a dynamic business environment?
It helps businesses understand changing needs and preferences.
Multiple Choice: Which of the following factors can lead to business change? A) Technological advancements B) Legal regulations C) Economic shifts D) All of the above
D) All of the above
What does it mean for a business to be ‘customer-centric’ in a dynamic environment?
It means the business prioritizes customer needs and feedback in its operations and strategies.
True or False: Adaptability is a crucial skill for business leaders in a dynamic market.
True
Fill in the blank: Companies that fail to adapt to change risk _____ in their industry.
obsolescence
What is one example of a business that successfully adapted to market changes?
Netflix, which transitioned from DVD rentals to streaming services.
