Submit by Day 7 a 300- to 700-word paper that addresses the following:

Describe the economic principles that company executives should consider when developing a strategy or strategies that will maximize profits while minimizing incentives for competitors to develop competing products.

Explain why each of these economic principles is important to the company’s strategy.

Please, can you answer the question as laid out in a precise manner covering the three questions asked? You can list the strategy or strategies you have highlighted.

Recommend and justify a strategy that you believe will maximize profits while minimizing incentives for increased competition.