1.1.1 The dynamic nature of business - Word Drop

A business that is able to change and respond to new situations is described as ______. Changes in ______, such as the growth of the ______, can create new business ideas. For example, online shops have taken sales from many high street stores.

Another reason is changes in what ______ want, as their tastes and habits change over time. When ______ for a product falls, it may become ______, meaning it is no longer wanted by customers and is withdrawn from sale. It is often ______ by a newer product or service. This means businesses must keep changing to survive.

New ideas can also come about in two ways. A business owner may come up with a completely ______ idea, meaning a brand new product or service that nobody has offered before. Alternatively, they may ______ an existing product or service, changing it to meet customer needs better. The development of a new idea is called ______.