The Dynamic Nature of Business Flashcards
why do businesses exist?
to meet specific needs or a gap in the market
what is a dynamic market?
a market in a rapidly changing business environment
how can business ideas come about?
- changes in technology
- consumer changes
- obsolete
- new or original ideas
- adaptations
what is e-commerce?
business transaction that takes place online
what is m-commerce?
any business transaction that takes place through a mobile device
how can m-commerce be increased?
by creating apps to sell goods and services
how does social media help businesses?
- it is a cheap, simple effective way to create brand awareness
- it also creates more personal relationships with their customers
how can celebrities or influences help a business?
they can promote a brand or product by sharing their opinion on it or a photo
how does technology increase a business?
they increase the opportunities and potential for new and improved ideas to come about
give an example of changing consumer wants
the changing attitude of plastic lead to “zero waste” supermarkets being opened
what are demographics?
they are the different characteristics that make up a population or a customer base e.g age, race or gender
how does a business use demographics?
it helps them to decide on a target market for a product or service they want to offer
why do entrepreneurs come up with innovative ideas?
consumer’s wants and needs change over time, this can be due to technology and lifestyle changes
why does a business need to be aware of consumer changes?
to keep up with their demands
what does obsolete mean?
it means “out of date”, when this happens to a product, new products replace them
