1.1.1 The Dynamic Nature of Business
- Created by: Carrie_
- Created on: 21-05-19 17:33
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- 1.1.1 The dynamic nature of business
- why new business ideas come about
- changes in what consumers want
- higher demand for wearable technology
- demand for organic, free range, sustainable and eco-friendly products
- change in trends cause risk if a business can't keep up
- changes in technology
- social media can be used to find out customer wants and needs
- cheaper and easier
- can be set-up by anyone
- products and services becoming obsolete
- if a business doesn't keep up with trends they risk becoming obsolete
- changes in what consumers want
- how new business ideas come about
- original ideas
- never been used before
- spotted a gap in the market
- an opportunity to make profit
- it may be to solve a problem
- an entrepreneur has a passion or interest
- it may make a difference to society (social enterprise)
- adapting existing products/ services ideas
- mix and match
- new version of an old product
- cheaper version of an old product
- original ideas
- Key words
- consumer- the person who uses a product/ service
- entrepreneur- a person who takes risk in order for a reqard
- obsolete- out of date/ not in use
- enterprise- a business or an activity carried out by an entrepreneur
- e-commerce- internet use to carry out business transactions
- m-commerce- mobile technology use to carry out business transactions
- social media- websites allowing users and businesses to interact with each other
- payment platform- enable online payments, takes away from commission
- marketplace- activities involved in buying or selling in competition
- data- information collected and analysed
- demographic- specific population
- need- to make life comfortable
- want- chosen and unnecessary
- good- tangible product
- service- non-tangible product
- venture capital- provided by an investor in return for later profits
- demand- number of products wanted
- competitive advantage- advantage over the competitors
- why new business ideas come about
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