1.1.1 the dynamic nature of business

Question 1

what is a product

Answer 1

A product is anything that is capable of satisfying customer 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,

Question 3

Change in tastes and trends

Answer 3

Consumer tastes change over time which means that a business is at risk if they don’t keep up with current trends.

Question 4

what is obsolete

Answer 4

Obsolete means a product that is no longer used or out of date

Question 5

what are Obsolete services

Answer 5

Some services are no longer required because of changes in technology or new inventions

Question 6

what are Original ideas

Answer 6

Original ideas are ones that have not been used before to put a product or service into production

Question 7

what is gap in the market

Answer 7

A successful business will be one that spots an opportunity to make a profit

Question 8

what are adapting existing ideas

Answer 8

A business could create a new product by:

Mix and match
New version of an old product
Cheaper version of an old product

Question 9

what is e commerce

Answer 9

way to reach the consumer, by selling online

Question 10

what is new technology innovating

Answer 10

there are lots of new products on the gaming market