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1.1.1 The Dynamic Nature of Business GapFill

Target Level
4-5
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A product is anything which is capable of customer needs and wants. These can be physical products such as cars or food. A service is an act that a business person carries out for the customer in for money; for example, dental treatment or getting a haircut.  Services can also be , such as insurance or banking.  Customers are unable to touch or see the service, but it is there. New business ideas can come about as a result of changes in . Since the invention of the Internet in 1990, businesses have found a more cost-efficient method of reaching customers online; this is called .  Small businesses are now able to sell products online on auction sites such as eBid and .  Businesses can use social media to find out what consumers want and need so that they can produce products and services to meet those wants and needs.  For example, modern consumers no longer want (7 ) products such as typewriters, pagers and fax machines. Consumer are now demanding more organic and free-from products as they become aware of their impact on the .  Some new business ideas are completely original, and the products or services may be developed in response to a problem or because an entrepreneur has a particular .  Other business ideas come about by adapting existing products or services in some way, or creating a new of an old product.

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Pass Mark
72%