Companies achieve competitive advantage by using innovation to differentiate their products from those of competitors and either charge a premium price or lower costs far below those of competitors.
- Given this concept, what is the relationship between efficiency and innovation? Use real-world examples to illustrate your response.
- Can companies innovate and operate efficiently at the same time? Why or why not? Use real-world examples to illustrate your response.
It must be in your own words and provide examples with references.