Podcast
Questions and Answers
Which factor can contribute to businesses losing relevance quickly?
Which factor can contribute to businesses losing relevance quickly?
- Stable market conditions
- Sudden shifts in consumer preferences
- The introduction of innovative technology (correct)
- Increasing competition in static industries
What is a key aspect of planned obsolescence?
What is a key aspect of planned obsolescence?
- Consumers are incentivized to purchase upgraded models frequently. (correct)
- Products are designed to last indefinitely.
- Companies focus on longevity to increase customer loyalty.
- Obsolete products are recycled to reduce waste.
How can changing technology influence consumer behavior?
How can changing technology influence consumer behavior?
- By eliminating the need for product advancement.
- By creating advancements that make products more desirable. (correct)
- By making products less convenient to use.
- By reducing the overall quantity of products available.
Which of the following is NOT a reason consumer needs may change?
Which of the following is NOT a reason consumer needs may change?
What is a common outcome of significant shifts in market dynamics?
What is a common outcome of significant shifts in market dynamics?
Flashcards
Dynamic nature of business
Dynamic nature of business
The constant change and evolution of the market, bringing about new opportunities and ideas for businesses to emerge.
Changing technology impact on businesses
Changing technology impact on businesses
The ability to adapt and innovate, using new technology to enhance existing products or services.
Changing consumer needs
Changing consumer needs
The changing tastes and behaviors of consumers create opportunities for businesses to cater to new needs and demands.
Obsolescence
Obsolescence
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Generating new business ideas
Generating new business ideas
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Study Notes
Dynamic Nature of Business
- Businesses thrive in constantly changing markets
- New opportunities arise as needs emerge
- Entrepreneurs identify needs and create new ventures
Changing Technology
- Technological advancements create new opportunities
- Innovations like speed, compactness, affordability, and safety improve products and services
Changing Consumer Needs
- Consumer preferences are constantly shifting
- Factors influencing spending and needs:
- Fashion trends
- Economic fluctuations
- Demographic shifts
- Lifestyle changes (e.g., leisure habits)
- Technological advancements
Planned Obsolescence
- Products designed to become outdated quickly to encourage repeat purchases
- Consumers are incentivized to buy newer, improved versions
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