How Does Innovation Help Businesses To Remain Competitive?

Competitive Advantage and Business StrategyStudent’s NameInstitutionCourse Number and NameInstructor NameAssignment DateCompetitive Advantage and Business StrategyAttaining a competitive advantage in the market requires a proper plan to leverage the strengths and capabilities of the organization. This involves relying on what the organization can do to provide what the customers and the consumers need in the market. Besides, with the changing landscape, organizations need to remain competitive in the market by coming up with products, systems, and processes that align with the prevailing market dynamics. From this perspective, it is important to have the right strategies for ensuring competitive advantage by focusing on creating more value for customers and consumers than other organizations or companies. How Nike and IKEA leverage strength to ensure competitive edgeImportantly, a company such as Nike leverages its strong global presence, financial resources, and brand name to ensure that it maintains that desired competitiveness over its competitors. Nike uses its strong finances and global recognition to fund product endorsements, majorly on celebrities and notable sports, leverage huge social media following for marketing and marketing, and enhance strategic partnerships (Ghosh, 2022).