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Consumer tastes change, and this can present opportunities for entrepreneurs to develop new products and services. For example, the changing attitude towards unnecessary plastic packaging has created opportunities to open “zero-waste” supermarkets that allow customers to bring their own reusable containers that can be filled within the store.

Demographics

Demographics are the different characteristics that make up a population, or a business’ customer base. These include characteristics such as age, gender, disability, nationality, religion, ethnicity and income levels. Businesses use demographics to help them decide on the target market for a product or service they want to offer. Changes in these demographic changes can impact upon consumer wants, for example an ageing population might create new opportunities for businesses that target older consumers.

Changes in what consumers want

Another reason why entrepreneurs come up with innovative business ideas is that ���DzԲ��ܳ������’ wants and needs change over time. Changes in lifestyles and technology have an impact on what consumers want. Entrepreneurs respond and provide for this through their products and services, eg fast-food ordering and delivery. Other examples include vegan alternatives to meat and dairy, and environmentally friendly products.

Businesses also need to be aware that customers’ tastes regularly change, as do trends in society. This requires businesses to come up with new products or adapt existing products. Businesses have to constantly monitor the market, technology and their competitors to ensure they are keeping up with constantly changing consumer demands.