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Diversification in Business

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Questions and Answers

What is the meaning of 'Product Elimination'?

Increasing the price of a product in the market

Withdrawing a product from the market (correct)

Introducing a new product to the market

Modifying an existing product in the market

What is a purpose of 'Principles of Marketing' mentioned in the text?

Preventing new entrants in the market

Increasing production costs

Reducing competition

Ensuring future growth of the company (correct)

What is a disadvantage of diversification mentioned in the text?

Low risks

Short pay back periods

Limited competition

Considerable investment (correct)

What does 'Inter-product competition' refer to in the text?

Competition between different products of the same company Signup and view all the answers

What are indicators of 'Product Elimination' according to the text?

Products that cannot be improved or modified for the market Signup and view all the answers

What are some disadvantages of diversification mentioned in the text?

Considerable investment, long pay back periods, enormous risks, full line competition, uneconomic production, inter-product competition. Signup and view all the answers

What is the meaning of 'Product Elimination' according to the text?

The process of withdrawal of a product from the market. Signup and view all the answers

What is the purpose of 'Principles of Marketing' mentioned in the text?

It ensures future growth of the company by exploiting new markets, prevents new entrants in the field, and helps to meet competition. Signup and view all the answers

What does 'Inter-product competition' refer to in the text?

It refers to competition between different products offered by the same company. Signup and view all the answers

What are some indicators of 'Product Elimination' according to the text?

There are some products which cannot be improved or modified to market. In that case, it would be profitable to withdraw the product from the market. Signup and view all the answers