Final answer:
Sony and Apple demonstrate innovation by significantly altering existing products or processes to create improved or entirely new offerings. Their products, like the iPhone and PlayStation, have disrupted their respective industries, leading to substantial competitive advantages and profits.
Step-by-step explanation:
Sony's and Apple's ability to innovate and “reinvent” existing ways of doing things represents their capacity for innovation. Innovation is the process of incrementally or radically modifying an existing product, system, or process to improve it. Companies like Sony and Apple continuously harness technological change, which embodies a combination of invention—advances in knowledge—and innovation, enabling them to produce products that are of higher quality, more efficient, or entirely novel, often disrupting their industries for the better.
For example, when we consider products that have greatly disrupted industries, we can look at Apple's iPhone, which revolutionized the smartphone market, or Sony's PlayStation consoles that have significantly impacted the gaming industry. These innovations not only improve consumer experiences but also provide companies with a competitive edge, allowing them to earn above-normal profits until competitors are able to catch up. Gregory Lee, CEO of Samsung, articulated the essence of this competitive advantage, expressing that a relentless pursuit of new innovation is crucial for business success and consumer empowerment through technology.