01 Dynamic Nature of Business

Which three (3) factors lead to the business environment being dynamic?

• Changes in technology.

• Changes in consumer tastes.

• Changes in the economy.

• Changes in sales.

Successful businesses are the ones that?

• Remain the same

• Don't plan for the future

• Adapt quickly to new circumstances

• Stick to past success

Which dynamic force is putting pressure on Coke Cola at present?

• Changing weather patterns

• Social trends moving away from consuming sugar

• Competitors pricing policy

• Suppliers putting up prices.

Which is the best definition for the Dynamic Nature of Business

• The idea that business is ever changing because of external factors

• The idea that business need to change their product range every month to remain up to date.

• The idea business needs to change its location every month to remain competitive.

• The idea people within business change their minds all the time.

Why would you launch a business while still continuing your current employment.

• In order for a person to trial an idea on limited scale before committing too much time or money to it.

• You have a stream of income that can support both you and the business during start up.

• It helps by splitting your time over 2 projects

• It helps you get ideas and steal customers from your current job.

Sustained business success is likely to come from which 2 factors

• Successfully getting a loan from the bank

• Talking to customers

• Adjusting to customers needs and wants

• Using social media to advertise

Which is the best an example of a need?

• Mobile Phone

• Shelter

• A luxury cake

• Hair cut

Which is the best an example of a need?

• Mobile Phone

• Potato

• Fancy Ice cream

• 46 inch tv

Which is the best an example of a need?

• Mobile Phone

• Jumper

• Sun glasses

• 46 inch tv

Which is the best an example of a need?

• Make up

• A house

• School blazer

• X box game