Explain how you will address each area of competition to help make your business successful against this competitor.

There are a few number of things that a businessman should always keep in mind to make his business flourish in the near future. The more competitive a business person is, the easier and faster success he gets.

Explanation:

The list of points that a businessman should follow is as follows:

1. It is necessary to keep a track on your competitor's product value, or the selling price of the same. Keeping this thing in track helps you to determine or set your product's selling price so that the consumers don't find them to be too expensive or cheap.

2. You need to be enough self motivated so that a little loss doesn't make you  lose your confidence.

3. It is always advised to discuss your business aspects with an experienced one to take the perfect decision at the right time.

4. Being self-aware is a must while running a business. Don't trust anyone blindly. In case if your rivals are trying to make you lagging behind, you need to use your creative business mind to deal your customers.

5. Prioritizing the customer's needs and maintaining the quality is utmost important.

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explanation:

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answer decisions made by individual households and firms;