1.1.1. The Dynamic Nature of Business Flashcards
1
Q
Technology
A
Changes in technology can lead to new business ideas that were not previously possible.
2
Q
Changes in consumer preferences
A
When customer needs are changing, new business ideas are thought up in order to satisfy these new needs.
3
Q
Obsolescence
A
Technological advances can mean that certain products and services become obsolete. This can lead to new ideas being created.
4
Q
Original ideas
A
Original ideas have not been thought of before. They are usually very different from anything else that is currently on the market (for sale).
5
Q
Adapting existing ideas
A
These new ideas make changes to current products to improve them in a way that no one had thought of before. New technology may make the adaptations possible.
