Successful innovation can transform the nature of industry competition.

Question

Quizplus · Accepted Answer

Successful innovation can lead to the creation of new products or services, new market segments, and significantly improved efficiency or cost savings. This can enable firms to capture market share, increase profitability, and gain a competitive advantage over traditional industry players. As a result, innovation can transform the nature of industry competition by fundamentally changing the rules of the game and creating a new landscape for companies to compete in.

Successful Innovation Can Transform the Nature of Industry Competition