Final answer:
Innovation is a major driver of profitability, as it can provide a temporary competitive advantage and lead to above-normal profits. Companies like Samsung emphasize innovation to meet consumer demands and stay ahead of competition. Entry into new markets and expansion are also connected to increased industry profits.
Step-by-step explanation:
A major driver of profitability as an overall strategy could be innovation, cost leadership, employee satisfaction, or market expansion. Among these choices, innovation is often a significant driver of profitability. Companies like Samsung have demonstrated that innovation leads to new products and services that can meet consumers' needs in unique ways, thus providing a competitive edge and the potential for above-normal profits. As Gregory Lee, CEO of Samsung has stated, the relentless pursuit of new innovation is a key principle of their business. Innovative efforts frequently lead to temporary market advantages before competitors can adapt or catch up. On another front, entering new markets can be a profitability strategy, as indicated by the economic principle that when industry profits increase, it can lead to entry, with businesses expanding existing factories or building new ones, and potentially, new firms starting production.