Final answer:
Applying the latest techniques and tools to a business is key to maintaining competitive advantage, spurring innovation, and achieving economic success. Companies that focus on innovation and their core competencies tend to outperform diversified competitors.
Step-by-step explanation:
Applying the latest techniques and tools to a business is crucial for staying competitive and ultimately leads to success because it allows a business to produce products more efficiently or to create desirable products. As quoted by Gregory Lee, the CEO of Samsung, "Relentless pursuit of new innovation is the key principle of our business" indicating that innovation drives a company to success and helps customers "discover a world of possibilities with technology". Companies focusing on latest techniques and tools often have a temporary edge over competitors, enabling them to earn above-normal profits. Moreover, when a business specializes and focuses on its core competency, it typically outperforms those that diversify too broadly. The focus on specialization, alongside innovation, ultimately leads to better products, improved market competition, and the potential for monetary success and consumer benefits.