12 Questions
Businesses operate in ______ markets, meaning that they have to cope with an ever-changing environment.
dynamic
These changes occur because ______ wants are constantly evolving, often driven by changes in technology.
customer
A product becomes ______ when it ceases to meet customers’ needs.
obsolete
Keeping a product up to date with ______ needs is important if a business wants to continue to be successful.
customer
As ______ develops, new opportunities arise that businesses can take advantage of.
technology
The ______ of customers are constantly changing.
needs
What drives the constant evolution of customer wants?
Advancements in technology
What can happen to a business that fails to adapt to changing customer needs?
It loses its competitive advantage
Why is it important for businesses to develop or adapt products?
To meet changing customer needs
What can lead to new business ideas and opportunities?
Appreciation of changes in the market
What can technological advancements help a business with?
Manufacturing products more safely, quickly, and for less cost
What is essential for a business to continue to be successful?
To keep its products up to date with customer needs
Study Notes
Dynamic Nature of Business
- Businesses operate in dynamic markets, driven by evolving customer needs and technological advancements. Customer needs change, sparking new business ideas and opportunities. Entrepreneurs identify unmet needs, creating innovative products. Technological advancements improve production efficiency, safety, and cost-effectiveness, driving innovation and competitiveness. Adapting to changing customer needs prevents customer loss and creates new opportunities.
Learn about the dynamic nature of businesses, how they adapt to changing customer needs driven by technological advancements, and how this leads to new business ideas and opportunities. Explore how businesses cope with an ever-changing environment and develop new products to meet evolving customer demands.
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