Final answer:
Companies capable of succeeding in global markets should focus on a few industries where they have a realistic chance to be a world-class producer. This strategy allows them to leverage their strengths, establish a global brand, and gain a competitive edge.
Step-by-step explanation:
For companies capable of succeeding in global markets, it is critical that they focus on a few industries where they have a realistic chance to be a world-class producer rather than hand out protectionism and other subsidies to all industries.
This strategy allows companies to compete globally by leveraging their strengths and becoming leaders in specific markets.
By focusing on a few industries, companies can allocate their resources more effectively and efficiently, leading to better products and services.
This approach also enables companies to establish a strong global brand and gain a competitive edge in the international market.
Moreover, focusing on select industries helps companies navigate global competition and adapt to varying market conditions.
It allows them to specialize and become experts in their chosen field, enabling sustainable growth and long-term success.