THE CONCEPTS OF BUSINESS

Innovation:

With several companies competing to win over customers, a firm can succeed with innovative products. Innovation can come from technology, product modifications or by improving customer experience. Further, firms would need to consistently better themselves and to encourage employees to push themselves also.

Customer Service:

If a product on offer is similar from one firm to the next, each firm is forced to improve customer service to compete.

Education:

Competitors can teach each other about the business, the state of the markets and what does and does not work in the marketplace.