Question

Companies use concentration strategies to grow within an industry. A company can use one, two, or all three as part of its effort to excel within an industry. Which of the following are concentration strategies

a. Market Development
b. Product Development
c. Market Penetration
d. All of these

Answer 1

Companies use concentration strategies like market development, product development, and market penetration to excel within an industry.

Step-by-step explanation:

The concentration strategies used by companies to grow within an industry include:

1. Market Development: This strategy involves introducing existing products into new markets. For example, a company may expand into international markets or target a new demographic.
2. Product Development: This strategy focuses on creating new products for existing markets. For instance, a company may introduce new variations or upgrades of its existing products.
3. Market Penetration: This strategy aims to increase market share within existing markets. Companies may achieve this through aggressive marketing, lower prices, or improved distribution.

Therefore, the correct answer is d. All of these.