The dynamic nature of business (GCSE)

Topic 1: Enterprise and Entrepreneurship

The dynamic nature of buisness Business exists to meet a specific need or fill a certain gap in the market. An entrepreneur might start a business enterprise because there is a demmand for goods or services they can provide. A dynamic market is one that is in a rapidly changing business environment. To make a business dynamic we have to understand the market in which the business or business enterprise operates. A new business has to develop and adapt to new ideas, products, services and keep up with the latest trends and technology. -Changes in technology. -new and original ideas  -products and services becoming obsolete. Changes in what cunsumers want. adapting existing products, services and ideas.    

Keywords: Entrepreneur- A calculated risk-taker who sets up a business in return for a financial gain. Demand-A request for something to be sold or supplied. Enterprise- The different skills an entrepreneur needs to possess in order to be successful. The term can also relate to a business organisation. Consumers- In business a consumer is a person who uses a product and may also buy it. Obselete- No longer used or needed  

Changes in technology- E-commerce

Any business transaction that takes pleace using the internet. This could mean any of the following: -business selling to consumers (Business to Consumers or B2C) -buisness selling to other business (Business to business, or B2B) -consumers selling to other consumers directly (Consumer to Consumer, or C2C) through online auction sites or online shopping sites. -E- commerce has allowed business to sell to different countries and consumers on a much wider scale.    The rise of technology and use of smartphone have created new opportunities for business.

M-commerce

business transactionsthat takes place through a mobile device such as a mobile phone or tablet.    Businesess develop their own mobile apps to sell goods and services    Transactions can be made when people visit the business website through mobile technology.     Use in regular shops, where payment can be made via a smartphone.

Social Media

Keywords: Brand awareness: The extent to which costomers are aware of the qualities and image of a particular make. Promotions: Use advertisement and publicity to increase the sales of a product. Target market: A group of people or area of a market that a business aims to sell its products to.

Offers a simple, cheap and effective way of creating brand awareness. Businesses can also pay celebrities or influencers to promote their brand or product by sharing photos of themselves wearing or using the product or service. This is often cheaper than traditional advertising and allows businesses to reach their target maket more easily. Social media platforms are wildely used by business to attract ne and retain existing customers. For example, travel agents often promote free holidays, or competitions to those who share or like their page. A new clothing brand uses social media as a method of cheap promotion when it is starting up.

Other new technologies.

Self-scanning checkouts in supermarkets. 3D printing of tailor-made artificial limbs global positioning system (GPS) for satellite navigation systems, e.g. pet-monitoring collars. Technological developments increase the opportunities and potential for new and improved business ideas to come about.

3-D printing- A method of adding material in layers to build a solid form. Global positioning system (GPS)- These pinpoint an exact location on the globe according to lines of lattitude and longitude.