Every single company I've ever worked for that advertised online had a "cost of doing business" ad budget just for buying their own keyword on Google (and Apple iOS Store/Google Play Store if they had consumer apps). Bigger international companies often have someone from an ad consulting firm tracking the major search engines and buying keywords for all of the big ones like Google, Bing, Yandex, etc.

It's one of those "the sky is blue" type of things in advertising. You NEVER want a competitor to have a shot at advertising to your potential customers, especially when they've gone to the point where they're typing in your name into Google so their conversion rate is likely significantly larger than your average site visitor.