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8 Cards in this Set
- Front
- Back
- 3rd side (hint)
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Technology |
Changes in technology can lead to new product ideas that were not before possible e.g Virtual Reality |
New product ideas |
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Changes in consumer wants |
Ideas are thought to satisfy customer needs. When needs change, new business ideas are thought up to satisfy the new needs. |
Satisfy and Ideas |
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Products and services becoming obsolete |
Technology advancing mean certain product and services become obsolete. Lead to new ideas. E.g Dvd became obsolete due to online streaming |
New ideas |
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Name 2 business ideas |
Adapt existing products or Original ideas |
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Adapt products or services |
New ideas make changes to current products to improve them. New technology makes it possible. |
Technology and ideas |
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Original ideas |
Not been thought of. Usually very different from what's on the market. These products are thought up because there is a gap in the market. |
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Why do new ideas come about? |
Due to the dynamic nature of business |
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What happens when customer needs are changing? |
New business ideas are thought of as a way to satisfy new demands |
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