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Companies use innovation as a key strategy to solve product problems and compete effectively in the market.
Innovation is a primary strategy that companies adopt to solve problems in their products. By constantly introducing new ideas and improvements, companies can stay ahead of the competition. For example, IKEA's flat-pack design is an innovative solution that helped the retailer expand into multiple countries by cutting transportation costs.
Market competition drives firms to pursue new technology and create products that meet consumer demands. This relentless pursuit of innovation, as emphasized by Gregory Lee, CEO of Samsung, can provide firms with a temporary edge over competitors and lead to above-normal profits.
The competitive process involves a combination of imitation and innovation. Successful innovations by one entrepreneur often lead to imitations and further innovations by others in the industry, driving continuous improvement in goods and services quality and pricing.
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