1.1.1 - The Dynamic Nature Of Business

Question 1

How do New Business ideas come about?

Answer 1

• Changes in Technology ( advances, gps, google maps etc )
• Changes in consumers needs and wants
• Items becoming obsolete
  
  • Town maps ( paper )
  • Typewriter
  • ## Encyclopedia

Question 2

How can a market change?

Answer 2

• Customers needs and wants changing
• Eco - friendly awareness
  - plastic bottles
• Advances in technology
  - Typewriters -> Keyboards
  - Paper maps -> GPS

Question 3

Obsolete definition:

Answer 3

A product which isn’t used at all anymore to the point where only a small amount of people use.
Example: typewriters - keyboards