Asked by Justice Kay-Lease on Jul 20, 2024
Verified
Firms that want to maintain or improve their competitive position in the marketplace generally must develop new products.
Competitive Position
A business's standing or rank compared to its competitors in terms of market share, quality, customer perception, or other metrics.
Develop New Products
The creation and introduction of new or improved goods or services to meet consumer needs and market demands.
- Recognize the importance of continuous innovation for maintaining competitive advantage.
Verified Answer
CC
Carly CourtJul 23, 2024
Final Answer :
True
Explanation :
Firms need to innovate and develop new products to adapt to changing consumer preferences, technological advancements, and to stay ahead of competitors, thereby maintaining or improving their competitive position in the marketplace.
Learning Objectives
- Recognize the importance of continuous innovation for maintaining competitive advantage.
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