Competition among business has never been greater. In what ways can a business become more competitive?
Of course, the specifics of how a business can become more competitive depend on the nature of the business and of its competition. However, there are some general things that all businesses can do. They include:
- Improve the quality of their products. One aspect of competitiveness is the quality of the product. The business can improve that quality or can publicize the qualities that already exist in an attempt to convince consumers that these qualities are superior to those of the competition.
- Lower prices. Price is the other aspect of competitiveness. Businesses can lower their prices by streamlining their production processes. This can often involve laying off workers. It might also involve an increased use of technology.
Generally, businesses must either improve the quality of their product or lower its price (or both) to remain competitive.