3) Innovations

Innovations:

The business of today is all the time busy in making improvements by introducing new products, for example, credit card, digital diary, mobile phone etc. It is also introducing new methods
of distribution, for example , e-commerce , teleshoping. It is also using new materials of production of goods such as transistors instead of vacuum tubes, CNC instead of petrol. All these innovations in production bring improvements in the quality of products and reduce costs.