1.1.1 dynamic markets Flashcards
definition dynamic markets
market that is subject is rapid and continous change
what do businesses have to do in a dynamic market?
one step ahead of competition
form of dynamic market
online retailing
dynamic market examples
Fashion –> trends constantly change
Google –> fast-moving tech and digital advertising space
Car –> technological innovations, changing consumer preferences
static market definition
market with minimal changes in demand, innovation, or competition, where products and services remain stable, and businesses face less pressure to adapt or evolve
static market examples
- Traditional Farming
- Basic Utilities (Water, Gas, Electricity)
- Postal Services
why online retailing form of dynamic market
constantly changing, expanding, offering new products, new ways to shop
advantages online retailing
24/7 open, international markets easy, flexible, opportunities to grow fast, orders automatically without staff, easy to set up (e.g. EBAY)
disadvantages online retailing
issues sending goods back, online security issues (put off older people), competitive market, IT skills, Competitors aware of what you are doing, fraud/spam/virus
market growth definition
increase in the demand for products or services within a particular market, typically measured by sales volume, revenue, or the number of customers over a specific period
dis+advantage market growth
+Increased Revenue
+Market Expansion.
-Increased Competition
-Resource Strain
main factors determine type and pace of market change
Political
Economical
Social
Technological
Legal
Eenvironmental
how have the growth of online retailers led to change in market
shift online
chnaged consumer disires
concentrated market share
collaps small shops
