Competitive and changing markets

In order to attract and satisfy customers, businesses need to be competitive and make products that are superior to their rivals.

Product variety may help a company to stand out in a competitive market

This is not easy because businesses operate in a dynamic and challenging market place. Business rivals are likely to be at work on creating new products or improving operations to reduce costs and drive down prices. Businesses may need to adapt their products because ever-changing fashion trends mean that customer requirements evolve over time…