Question

Creating an easy to use product

A. is a strategy for winning industry competitions
B. doesn't overcome unreasonable pricing
C. is a way to create value for customers
D. provides feelings of financial accomplishment

Answer 1

A. is a strategy for winning industry competitions

Creating an easy to use product helps create value for customers, leading to profits. Innovation gives companies a temporary edge in the market, resulting in benefits for consumers, businesses, and the national economy.

Step-by-step explanation:

Creating an easy to use product is fundamentally a way to create value for customers. Companies achieve profits by innovating and producing goods more affordably or by developing products with desirable features. As exemplified by Gregory Lee, the CEO of Samsung who emphasized the importance of relentless innovation, companies recognize that innovation grants them a temporary competitive advantage, allowing them to earn above-normal profits before others catch up. This competitive edge arises not only from cost reduction but also from establishing aspects like a well-respected brand name or an industry-leading reputation. Ultimately, such competition results in better or less expensive products for consumers, increasing profits for innovative businesses and providing more income for their employees. The overall gains from this process benefit the nation's economy.

Answer 2

Making a product easy to use is a way to create value for customers, and through innovation can lead to higher profits and competitive advantage. An innovative firm can temporarily earn higher profits and drive national economic growth.

Step-by-step explanation:

When considering the strategies for winning industry competitions and creating value for customers, making a product easy to use is primarily a way to create value for customers (C). Creating a user-friendly product does not directly relate to the feeling of financial accomplishment nor does it address pricing strategies. However, by focusing on user-friendliness, companies can tap into new innovations that consumers desire, which is a strategy that has been emphasized by leaders such as Gregory Lee, CEO of Samsung, highlighting the importance of new innovation in staying ahead of competitors.

Moreover, an innovative firm that introduces distinct characteristics or cost improvements can generate higher profits, sometimes even achieving above-normal profits temporarily. Businesses that offer better or less expensive products as a result of these innovations not only benefit consumers but also see an increase in profits and can provide more income to their employees. On a national level, these innovations that lead to market competition create a positive impact where the gains outweigh the losses, driving economic progress.