Final answer:
Businesses can gain a competitive advantage through innovation and technology, leading to higher profits and sometimes a temporary market dominance. Top executives often prefer less competition for higher profitability, but the need to stay ahead in the market drives innovation.
Step-by-step explanation:
To gain a competitive advantage over competitors, businesses need to focus on innovation and the discovery of new technology. This approach can lead to higher profits and market dominance by either creating products more cost-effectively or designing goods that better meet consumer demands. Business leaders like Gregory Lee, CEO of Samsung, advocate for the relentless pursuit of innovation to open a realm of technological possibilities for consumers.
While top executives might appear to endorse market competition, often they prefer to operate in environments with less competition to maximize profits. Nonetheless, the tension between the desire for a monopoly and the benefits of competition pushes firms to innovate. A firm that innovates effectively can enjoy a temporary monopoly-like situation, where they reap above-normal profits until competitors catch up.