Dynamic Markets 1.1.1

Dynamic Markets - A market that is changing
All markets are dynamic - they all change! But the pace and nature of change varies considerably by market.

Sources of change:
•Social trends
• Impact of technology on what customers buy and how they buy
• Impact of new market entrants
•Competitive environment

Businesses have to adopt their marketing in response to these changes.

A business that fails to keep up with trends in the market will soon cause COMPETITIVENESS

EXAMPLES OF DYNAMIC MARKETS:
1) Film Industry
- Disrupted by online streaming E.g Netflix

2) Taxi Services
- Disrupted by mobile apps E.g Uber

3) Camera Market
- Disrupted by sophisticated smartphones E.g Go Pro, iPhone.