Final answer:
Early adopters are essential to a firm launching an innovation, as they're willing to spend more and provide valuable feedback, contributing to the firm's profits and temporary market advantage.
Step-by-step explanation:
The type of customers vital to a firm introducing an innovation are the early adopters, who are willing to pay higher prices and like to tinker with new products. These customers are crucial because they provide initial revenues and feedback, allowing the firm to refine its offerings. Firms can achieve significant profits by innovating in ways that either reduce production costs or cater to consumer desires for new product characteristics. Noted by figures such as Gregory Lee, the former CEO of Samsung, innovation is at the heart of competitiveness in the market. The drive for innovation leads to a temporary market advantage, allowing innovative firms to earn above-normal profits before their competitors catch up.