Final answer:
Nina's Nursery maintains its competitive advantage by continuously innovating to produce cost-effectively or to offer unique products that fulfill consumer demands, thereby achieving above-normal profits.
Step-by-step explanation:
Nina's Nursery, which specializes in the retail of plants and gardening accessories, commits to the first law of business by always seeking to innovate. Innovation enables the nursery to generate a competitive advantage by either reducing production costs or by offering unique products that meet the demands of consumers. Reflecting on the words of Gregory Lee, the former CEO of Samsung, innovation is not just an occasional undertaking but a fundamental aspect of a successful business strategy.
It is through a relentless pursuit of new innovation that a business like Nina's Nursery can temporarily stay ahead of competition and earn above-normal profits. This competitive edge persists until competitors eventually catch up, which underscores the importance of continuous innovation in business.