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Expanding a Company's Business into Areas That Are at Different

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Expanding a company's business into areas that are at different points on the same production/distribution path is called


Definitions:

Strategic Mimicry

The adoption of successful strategies, practices, or operations from competitors or leading companies in an effort to improve performance or gain competitive advantage.

Low-Cost Strategy

A business approach focused on maintaining operational costs as low as possible to offer competitive pricing or to increase profitability.

Work-life Balance

The equilibrium between personal life and work responsibilities, allowing for well-being in both areas.

Action Plans

Detailed strategies outlining steps, resources, and timelines to achieve specific goals.

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