Podcast
Questions and Answers
What is a primary reason for an entrepreneur to start a business?
What is a primary reason for an entrepreneur to start a business?
- To develop personal skills
- To fill a gap in the market (correct)
- To create a unique social movement
- To expand into international markets
What distinguishes a dynamic market from a static market?
What distinguishes a dynamic market from a static market?
- A dynamic market requires minimal adaptation.
- A dynamic market has fixed consumer preferences.
- A dynamic market is characterized by stability.
- A dynamic market is rapidly changing. (correct)
Which of the following factors could lead to new business ideas?
Which of the following factors could lead to new business ideas?
- Stagnation in consumer preferences
- Fixed pricing strategies
- Sustaining outdated business models
- Changes in technology (correct)
How can existing businesses maintain competitiveness in a dynamic market?
How can existing businesses maintain competitiveness in a dynamic market?
What type of ideas can contribute to the formation of new business opportunities?
What type of ideas can contribute to the formation of new business opportunities?
Flashcards
Dynamic market
Dynamic market
A rapidly changing business environment affecting companies.
Entrepreneur
Entrepreneur
A person who starts and manages a business to meet a market need.
Demand
Demand
The desire for a product or service that drives business creation.
Obsolete
Obsolete
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Adaptation in business
Adaptation in business
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Study Notes
Dynamic Business Environments
- Businesses exist to fulfill market needs by selling goods, services, or both.
- Entrepreneurs start businesses due to market demand.
- A dynamic market is one with rapid changes in the business environment.
- New businesses must assess the market's dynamism, which varies based on the type of business.
Adapting to Change
- Businesses must adapt by developing new goods, services, and ideas to keep up with trends and technology.
- Drivers of business ideas include: technological advancements, consumer preferences, obsolescence of existing products/services, and original ideas.
- Businesses can also adapt existing products, services, and ideas to remain competitive.
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