1.1.1 The Dynamic Nature of Business

Question 1

Dynamic

Answer 1

Everchanging

Question 2

Obsolete

Answer 2

Out of date or not used anymore

Question 3

What is a product

Answer 3

A product is anything that is
capable of satisfying
customer needs, for example:
1. Physical products:
2. Cars
3. Washing machines
4. X box consoles
5. Mobile phones

Question 4

What is a service

Answer 4

A service is an act that a
business person carries
out for you in exchange
for money, for example:
1. Dental treatment
2.Accountancy
3.Travel agents
4.Gardening
5.Cleaning
6.Hairdresser

Question 5

Original Ideas

Answer 5

Original ideas have not been thought of before. They are usually very different from anything else that is currently on the market (for sale).
The introduction of autonomous cars is an example of this.
These products are thought up because there is a gap in the market.

Question 6

Adapting Existing ideas

Answer 6

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.
For example, Dyson didn’t come up with the idea of a vacuum cleaner, but he did adapt (change) the design to improve how it worked

Question 7

Why do new business ideas come about?

Answer 7

1. Advances in technology
2. Changes in consumer wants
3. Products and services becoming obsolete