1.1.1 Dynamic Nature of Business

What is crucial for businesses to adapt to over time?

• Their employees' needs

• Their consumers' wants

• Their suppliers' demands

• Their competitors' strategies

What is one reason why new business ideas are necessary?

• To increase employee satisfaction

• To expand globally

• To meet the needs of customers

• To reduce production costs

Which company launched an on-the-go version of their traditional breakfast cereal?

• Kellogg's

• Nestle

• Weetabix

• Quaker

How has McDonald's adapted their customer journey?

• By offering organic food options

• By reducing menu prices

• By introducing a loyalty programme

• By implementing self-serve machines and an app

What are the three key factors that influence the dynamic nature of a market?

• Changes in technology, changes in consumer wants, and products becoming obsolete

• Changes in government policies, changes in technology, and changes in consumer wants

• Changes in technology, changes in competitors, and changes in consumer wants

• Changes in consumer wants, changes in competitors, and products becoming obsolete

What has made entrepreneurship more accessible than ever before?

• Government grants

• Technological advancements

• Increased consumer spending

• Lower taxes

Which company failed to adapt to technological advancements and eventually closed?

• Blockbuster

• Borders

• Toys 'R' Us

• Sears

What societal trend has influenced McDonald's to introduce the Vegan McPlant Burger?

• Increased demand for organic food

• Decrease in meat prices

• Rise in veganism

• Popularity of fast food

What is the purpose of tracking a product's lifecycle?

• To reduce production costs

• To find new suppliers

• To analyse the life stage of the product and adapt it

• To determine the best marketing strategy

Which company saw a gap in the mobile phone market and became a market leader?

• Nokia

• Samsung

• Motorola

• Apple