Alternative Frameworks: Evolutionary Change and Hyper Competition learn on 24x7assignmenthelp.com
A business is the backbone of the nation’s economy. It controls the total flow of money in the market. For running a business in a proper manner evolutionary change and hyper competition is a necessary factor. All the business organizations follow some rules and tricks for establishing a strong business empire. Hence, a tough competition, serious rivalry etc. grows amongst these business organizations.
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Bit about the subject topic
Change is an important factor in our life and society, as it is an indicator of progress.It plays a significant role in the field of business. Every organization has one and only one aim, that is to make a stable position in the market and expand their business to major prosperity.
For this reason with the changes of environment, situation, economy, technology etc. they have to adapt to these changes. Better adaptation to changes mean improving on business strategies and more chances of survival in the field of industries.
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Important factors
The matters that determine competitive advantage of a business agency over others are:
- Ability of doing deepresearch and development
- Improvement and implement of new technology
- Excellent production and service
- Comparatively low pricing
- Maintenance of database management
- Strong and effective marketing strategy
- Employing efficient management teams
- Financial stability
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