Final answer:
The principle is related to differentiation and creating a unique value proposition. Companies need to innovate and offer unique services or products to stand out and attract customers. Strategies like relentless innovation and bundling can provide this unique offering.
Step-by-step explanation:
The principle that states the firm should offer customers something they want but cannot get elsewhere is often related to differentiation and creating a unique value proposition. In a competitive market, firms need to stand out by providing unique products, services, or experiences that are not offered by competitors.
This can be achieved through various strategies, including innovating new technology, offering superior quality, or exceptional customer service. As exemplified by Gregory Lee from Samsung, the relentless pursuit of new innovation is crucial for a business to maintain an edge over its competitors and offer consumers something they cannot find elsewhere. This temporary advantage allows a firm to earn above-normal profits before others can catch up. Additionally, firms may use strategies like bundling to provide customers with a combination of products or services at a better price, which can also serve as a unique offer to encourage customer loyalty.