Final answer:
Technological innovation is a key method for companies to compete, offering advantages like reusable technologies, cost reductions, and new product features. However, it also poses risks such as market monopolization and societal impacts including job displacement and environmental issues. While it spurs competition in global markets, it equally challenges smaller firms and alters consumer experiences.
Step-by-step explanation:
One way organizations compete in our present situation is via technological innovation. A compelling example is how innovations in technology have transitioned products from being single-use, like agricultural goods, to reusable across various platforms. This development of technologies confers a strategic advantage, propelling companies ahead of competitors, sometimes ensuring long-term gains.
Company leaders, like Gregory Lee of Samsung, emphasize the relentless pursuit of innovation to stay competitive and explore new market possibilities. Innovation can lead to above-normal profits until competitors are able to replicate or adapt to the new changes. However, this can spawn controversies about whether technology will result in larger or smaller corporate entities. Improved communication dynamics might fuel 'winner-take-all' markets dominated by a few players, but they also allow smaller companies to expand their geographic customer base.
Notably, technology can reshape society. Medical and agricultural technological advancements have profound implications on health and environment, creating societal benefits while also inducing job loss, pollution, or privacy issues. The interplay between technology and globalization has substantially redefined market boundaries, increasing competition and reshaping consumer behavior.