Podcast
Questions and Answers
Businesses operate in ______ markets, meaning that they have to cope with an ever-changing environment.
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.
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.
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.
Keeping a product up to date with ______ needs is important if a business wants to continue to be successful.
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As ______ develops, new opportunities arise that businesses can take advantage of.
As ______ develops, new opportunities arise that businesses can take advantage of.
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The ______ of customers are constantly changing.
The ______ of customers are constantly changing.
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What drives the constant evolution of customer wants?
What drives the constant evolution of customer wants?
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What can happen to a business that fails to adapt to changing customer needs?
What can happen to a business that fails to adapt to changing customer needs?
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Why is it important for businesses to develop or adapt products?
Why is it important for businesses to develop or adapt products?
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What can lead to new business ideas and opportunities?
What can lead to new business ideas and opportunities?
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What can technological advancements help a business with?
What can technological advancements help a business with?
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What is essential for a business to continue to be successful?
What is essential for a business to continue to be successful?
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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.
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Description
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.
