1.2 Explain the nature of interactions between business within a market
The interaction between businesses in a market is based on how an organisation communicates with its customers. An example of this maybe by advertising, by going out into the community, by developing a website, all of these things are looking at how the business gets to its consumers. Business to business interactions tend to be protracted and …show more content…
Consistent product development is a necessity for companies striving to keep up with changes and trends in the marketplace to ensure their future profitability and success. A competitive product development strategy should include a company-wide commitment to creating items that fulfil particular consumer needs or characteristics. These characteristics might include consumers' desire for the following: products that are high-quality or low-cost; products that provide the consumer with speed or flexibility; or products that offer some other form of differentiation that posits them a desirable