Question

Innovation can be a source of competitive advantage in two ways, including:

a. tapping into new markets and working against competitors with a streamlined product portfolio.
b. finding ways to distribute or manufacture the product with fewer inputs and making the product better so that the company can charge more for it.
c. preventing competitors from releasing their own new products and retaining existing customers.
d. increasing the cost structure of the company through overhead and hiring the most talented team members.

Answer 1

Innovation can provide a competitive advantage by tapping into new markets and finding ways to distribute or manufacture products more efficiently.

Step-by-step explanation:

Innovation can be a source of competitive advantage in two ways. Firstly, by tapping into new markets and working against competitors with a streamlined product portfolio. This means that a company can enter new markets and offer unique products or services that competitors do not have. Secondly, innovation can be used to find ways to distribute or manufacture the product with fewer inputs, making it more cost-effective. This can enable the company to offer the product at a lower price or with improved features, allowing the company to charge more for it.