The dynamic nature of business (Edexcel GCSE Business): Flashcards
📚Flashcards
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12 cards from this deck
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Practise the cards
12 cards from this deck
What are dynamic business markets?
What are dynamic business markets?
Markets that constantly change and evolve
What dynamic markets create for entrepreneurs
What dynamic markets create for entrepreneurs
Fresh opportunities to spot gaps & develop new ideas
5 ways technology improves products
5 ways technology improves products
Faster, smaller, cheaper, easier to use, safer
What is obsolescence?
What is obsolescence?
When products become outdated or unnecessary
Planned obsolescence
Planned obsolescence
Deliberate strategy: products designed with limited lifespan
Purpose of planned obsolescence
Purpose of planned obsolescence
Encourage consumers to regularly buy newer versions
2 ways entrepreneurs generate business ideas
2 ways entrepreneurs generate business ideas
Completely new inventions OR innovation from existing ideas
Which approach is more common & less risky?
Which approach is more common & less risky?
Improving on existing concepts
Highly unique businesses
Highly unique businesses
One-of-a-kind ventures with little/no direct competition
Generic businesses
Generic businesses
Operate in crowded markets with many similar competitors
5 factors changing consumer behaviour
5 factors changing consumer behaviour
Fashion, economics, demographics, lifestyle, tech adoption
What understanding consumer shifts helps with
What understanding consumer shifts helps with
Identify new business opportunities