Answer:
Specialization can be something that is within a single country’s economy or within the international trade economy as a whole. For example Italians export olive oil, France exports wine.
Answer:
Explanation:
Public relations refer to the different type of activities conducted by a company to promote and protect the image of the company, its products and policies in the eyes of the public. Public relation is an important element in the promotion mix.
Answer:
Escalation of commitment or commitment bias.
Explanation:
Escalation of commitment is a human behavior pattern in which an individual or group facing increasingly negative outcomes from a decision, action, or investment nevertheless continues the behavior instead of altering course; meaning the individual or business continues to invest additional resources in an apparently losing proposition, influenced by effort, money, and time already invested. The group/individual maintains behaviors that are irrational, but align with previous decisions and actions. Economists and behavioral scientists use a related term, sunk-cost fallacy, to describe the justification of increased investment of money or effort in a decision, based on the cumulative prior investment ("sunk cost") despite new evidence suggesting that the future cost of continuing the behavior outweighs the expected benefit.
Answer: B. C) company begins to encounter diminishing growth prospects in its mainstay business.
Explanation:
All Companies should endeavour for Growth. Growth means survival in this world and a company that is not growing will eventually die out.
If a Company begins to experience a situation where the prospects for growth in their chosen industry is reducing, they should, in the interest of their survival, seek alternative business that they can engage in. Look at Oil Companies like Shell for instance, they realize that Fossil Fuels will not last forever and have started investing massively in Clean Energy because they can see that Growth Prospects in Oil are starting to diminish.