Discuss the likely reason why a business might be able to survive, whilst many of its competitors go bankrupt. Answer it like an Edexcel business GCSE question with one point, and... Discuss the likely reason why a business might be able to survive, whilst many of its competitors go bankrupt. Answer it like an Edexcel business GCSE question with one point, and following this is because, make 5 chains of reasoning. Make the main point about that the business could be more dynamic then add 5 related chains of reasoning.
Understand the Problem
The question is asking to explore why a specific business can survive while others fail, with an emphasis on the concept of dynamism in business. The answer should present one main point followed by five reasoning chains that support this point.
Answer
A business might survive because it is more dynamic, able to adapt quickly, innovate, respond to feedback, adjust pricing, and invest in technology.
A business might survive while competitors go bankrupt because it is more dynamic. This is because being dynamic allows a business to adapt quickly to changing market conditions, innovate by developing new products or services, respond promptly to customer feedback, adjust pricing strategies, and invest in the latest technology to improve efficiency.
Answer for screen readers
A business might survive while competitors go bankrupt because it is more dynamic. This is because being dynamic allows a business to adapt quickly to changing market conditions, innovate by developing new products or services, respond promptly to customer feedback, adjust pricing strategies, and invest in the latest technology to improve efficiency.
More Information
In the business world, being dynamic involves having a flexible business strategy and culture that can quickly pivot based on shifts in the consumer demand or industry trends. This differentiates the business from less adaptable competitors.
Tips
A common mistake is not linking back the impact of being dynamic to specific outcomes like customer satisfaction or cost management.
Sources
- Edexcel GCSE 9 1 Business Answers | PDF - Scribd - scribd.com
- [PDF] Paper 1: Investigating small business mark scheme | Etone College - etonecollege.co.uk
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