1.11 the dynamic nature of business

Question 1

what is a product?

Answer 1

a product is anything that is capable of satisfying customers needs

Question 2

what is a service?

Answer 2

a service is an act that a business person carries out for you in exchange for money, for example

Question 3

Changes in technology: Amazon

Answer 3

Since the invention of the
Internet in 1990 businesses
have found a new cheaper
way to reach the consumer,
by selling online

Question 4

Changes in technology: eBay

Answer 4

Small businesses are now
able to set up and sell
virtually anything online due
to websites such as eBay,
Esty and ibid

Question 5

Changes in technology: Stadia

Answer 5

New technology innovation
means there are lots of new
products on the gaming
market

Question 6

Changes in technology: robotics

Answer 6

Advancements in robotics will mean dozens of new
products in the future. Can you think of any task in
your day that could be completed by a robot?

Question 7

Wants and needs: Social media

Answer 7

Businesses can use social media to find out what consumers
want and need so that they can produce products and
services to meet those wants and needs