Question

explain the concept of business in modern context ​

Answer 1

Answer:

The traditional concept of business talks about making profit only. However, modern concept talks more about the customer satisfaction than profits. This is decided on the basis of its quality of product and services, efficient management system, use of state of the art technologies, doing market surveys, being informed about competitors etc.

Answer 2

Answer:

consumer satisfaction is the central point of modern concepts of business. Profit can be earned by maintaining social responsibility. ... It views the modern business as a socio-economic institution which always responsible towards the society.