Question

Discuss how best companies can innovate in order to stay competitive in high-growth industries.

Answer 1

The best companies provide goods that are unique which generates high demand and sales for them so in order to remain competitive, these companies need to constantly innovate and provide a better product or else the smaller companies come up with the same product having the same features at a lesser price.

The best companies innovate and implement much of the next generation features after taking into account the feedback offered by their customer base and use inputs that are capable of providing the consumers with higher satisfaction than offered by the current market or else they will lose their market share to other companies.

This is the reason we see an innovative good which is better than the last year being provided by companies like Apple and Samsung every year.