Dynamic markets

Question 1

What is a dynamic market?

Answer 1

A market that changes and evolves rapidly in a variety of ways.

Question 2

5 ways that a market can change.

Answer 2

• Consumer tastes eg fashion or tech advances.
• Innovation creates new products or processes eg digital camera made disposables obsolete.
  -Methods of shopping (online vs retail.)
  -Competitors in the market
• Legislation changes (sugar tax.)

Question 3

What might businesses need to do to combat this?

Answer 3

Change their existing products, or develop new ones. Change marketing or cut costs to lower prices.