The market (dynamic)
- Created by: Gundabad(good)
- Created on: 20-10-20 18:27
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A dynamic market is one which is subject to rapid or continuous change. Key sources of change include:
- Social trends.
- Changes in technology.
- Impact of new competitors.
- Consumer tastes.
Businesses must adapt their marketing in response to these changes. A business that fails to keep up with trends in the market will soon lose competitiveness.
Examples of highly dynamic markets
1. Film industry - Disrupted by online streaming, e.g. Netflix.
2. Taxi services - Disrupted by mobile apps, e.g. Uber.
3. Camera market - Disrupted by sophisticated smartphones, e.g. iPhone.
Online retailing:
The process of buying and selling goods and services over…
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