What does it mean for a product to become obsolete?

Why business is dynamic, how technology, changing wants and obsolete products create new ideas, original ideas against adapted ones, and how online shopping reshaped the high street.

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Key term

Give three reasons why new business ideas come about.

Key term

Why is business described as dynamic?

Key term

How can a change in technology create a new business idea?

Questions from this subtopic

Each one with the model answer underneath.

1
Why is business described as dynamic?
Model answer
Business is dynamic because markets, technology and customer tastes keep changing. Firms that fail to adapt lose customers to those that do.
2
Give three reasons why new business ideas come about.
Model answer
New technology makes new products possible. Consumer wants change over time. Older products and services become obsolete.
3
How can a change in technology create a new business idea?
Model answer
New technology can make possible a product or service that did not exist before. App-based taxi booking relied on smartphones with GPS.
4
What does it mean for a product to become obsolete?
Model answer
An obsolete product is outdated and no longer wanted because something better has replaced it. Sales of an obsolete product fall to almost nothing.
5
Give an example of a business that became obsolete and what replaced it.
Model answer
DVD rental shops became obsolete as film streaming grew. Netflix and other streaming services replaced them.
6
Why might a change in what consumers want create an opportunity for a new business?
Model answer
New tastes create demand that existing firms may not yet meet. Demand for plant-based food rose, opening a market for vegan brands.

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