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Uploaded by WellRoundedAlpenhorn
Watling Academy
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Summary
This document discusses the dynamic nature of business, focusing on how technology and changing consumer needs create new opportunities and challenges for businesses. Concepts such as planned obsolescence and innovation are also explored. The text is suitable for undergraduate business courses.
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The dynamic nature of business usinesses operate in dynamic markets. New opportunities arise and new businesses B and business ideas are created. Wherever there is a need for a product or service, an Entrepreneur may take the chance to meet that need with a new business venture Changing...
The dynamic nature of business usinesses operate in dynamic markets. New opportunities arise and new businesses B and business ideas are created. Wherever there is a need for a product or service, an Entrepreneur may take the chance to meet that need with a new business venture Changing technology s new technology develops, new business opportunities arise. New technology can often A improve products and services, and make them more desirable in a numberof ways. New technology can: make products and servicesfaster make products Smaller (more compact) make products and services cheaper make products and services easier to use make products safer Changing consumer needs ociety is constantly changing. These changeslead to Consumers spending their money in S different ways. New business opportunitiescan arisebecause of new consumer wants and needs caused by: changes in fashions changes in the economy changes in national demographics changes in lifestyle such as the way consumers spend their leisure time changes intechnology Obsolescence he introduction of new technology and the changing nature of consumer needs means that T products and services can become Obsolete very quickly. Many products are designed to only last a short time, and consumers are encouraged to buy newer and improved versions of these products. This is called planned obsolescence ive two examples of the way in which new business G ideas can be generated. (2 marks) A new idea, such as a new invention. 1 2 Developed from existing ideas, such as by making slight changes and improvements to an existing product or service (innovation)
