Which of the following statements best describes a gap in the market?
When a customers' wants or needs are not yet being fulfilled by a business'
When there are no customers who want a business product
When demand for a product keeps changing
Which of these is an example of an innovation?
A car company making both petrol and diesel cars
A lightbulb being adapted to become an energy-efficient LED lightbulb
Coming up with a new idea that nobody has thought of previously
Which of the following statements best describes a change in the demographics of a country?
An ageing population
More people becoming vegan
A change in the population’s shopping habits
What is an invention?
Changing the packaging of a product to extend its life cycle
Changing a product to make it better
Creating a new idea or product that did not previously exist
What is e-commerce?
Conducting business transactions using a mobile device
Any business transaction that takes place using the internet
A business transaction that takes place in shop premises
Which best describes the adaptation of a product?
Making a product obsolete
Changing an existing product to appeal to new customers
The invention of a brand new product
Which of the following statements best describes a dynamic market?
A rapidly changing business environment
Buyers and sellers meeting to exchange goods and services
A shop opening
Which best defines an obsolete product?
An invention that is still being developed for the target market
A product that is out-of-date, and is near or at the end of its life
Popular products that are widely available
Which of the following is an opportunity presented to businesses by social media?
Social media allows customers to talk to each other
Social media makes it easier to find out what customers think about products
Social media means customer complaints will take longer to respond to
What is a target market?
A group of people or area of a market that a business aims to sell its products to
A group of people that would not want to buy a certain product
A place where buyers and sellers meet to exchange goods and services