One important concept to understand in the knight versus bishop endgame is the difference between the strengths and weaknesses of the knight and bishop. The knight is known for its ability to jump over other pieces and control squares of different colors, making it a versatile piece in the endgame. On the other hand, the bishop is limited to controlling squares of only one color but is more powerful in open positions. Understanding the strengths and weaknesses of both pieces is crucial for successfully navigating this endgame scenario. Other important concepts to consider include pawn structure, king safety, and the role of space in this endgame.