1.1.1 - The dynamic nature of business

What are dynamic markets?

• Markets are all subject to continous change.

• Markets with fixed trends and no changes over time.

• Markets that are not influenced by technology.

• Markets that are subject to continous change.

Why is it important for businesses to adapt to the changes in the market?

• To increase their profit margins.

• To have a competitive advantage.

• To attract more customers.

• To avoid business failure.

What are some examples of businesses that failed to adapt to the dynamic markets?

• Microsoft and Apple

• Toys R Us and Blockbusters

• Google and Facebook

• Amazon and Ebay

What can lead to the development of new business ideas?

• Changes in technology

• Changes in customer preferences

• Products and services becoming obsolete

• All of the above

Ehat is the term used for products or services that are no longer used?

• Innovative

• Obsolete

• Dynamic

• Competitive

How can businesses adapt to changing customer preferences and markets?

• By creating new products or services

• By changing the packaging or format of existing products

• By modifying their menus

• All of the above

Why is it important for businesses to innovate and adapt?

• To boost market growth

• To increase customer trust

• To meet the needs of new markets

• All of the above