Answered

At Westonci.ca, we provide clear, reliable answers to all your questions. Join our vibrant community and get the solutions you need. Experience the ease of finding quick and accurate answers to your questions from professionals on our platform. Connect with a community of professionals ready to provide precise solutions to your questions quickly and accurately.

In order to stay strong in the face of growing competition, what strategies do companies adopt to solve problems in their products?

A. Innovation
B. Implementation
C. Illustration
D. Inhibition

Sagot :

GinnyAnswer

Final answer:

Companies use innovation as a key strategy to solve product problems and compete effectively in the market.


Explanation:

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.


Learn more about Innovation in business here:

https://brainly.com/question/34641818


Visit us again for up-to-date and reliable answers. We're always ready to assist you with your informational needs. We appreciate your visit. Our platform is always here to offer accurate and reliable answers. Return anytime. Thank you for visiting Westonci.ca, your go-to source for reliable answers. Come back soon for more expert insights.