The Dynamic Nature If Business Flashcards
1
Q
Why do new business ideas happen.
A
- Change in customer needs
- Technology
- Products and services become obsolete
2
Q
Explain why technology causes a dynamic(changing) nature of business
A
The change in technology can lead to new product ideas that were not possible before.
3
Q
Explain why changing customer needs is causing a dynamic nature in business?
(Link back to why business ideas happen)
A
Ideas are created to meet and satisfy customer needs causing new products to be formed to suit their standards. E.g Gtech cordless vacuums
4
Q
How does products and services becoming obsolete(out of date) cause a dynamic nature in business?
A
Technology advancing would mean that certain products will become obsolete. This will lead to new idea. E.g dvd becoming absolute and people using television instead.
