Economy, asked by sa4049239, 8 months ago

modern concept of business exsist on

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Answered by alishass

0

Answer:

modern concept of business exsist on CUSTOMER SATISFACTION.

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Answered by Anonymous

1

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consumer satisfaction is the central point of modern concepts of business. ... With helps of above definition,business can be taken as an economic activities concerned with the production and sale of goods and services to the society so as earn profit by satisfying human wants.

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.

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