Examlex
What are the three stages of the life-cycle model of LMX theory?
Specialization
The process of focusing efforts and resources on a narrowly defined area of expertise or activity, often resulting in increased efficiency and quality.
Market Concentration
The degree to which a small number of firms control the majority of market share in an industry.
Focused Marketing
A strategic approach where marketing efforts are intensely directed at a specific market segment or demographic, tailoring products and advertising to appeal to that group.
Institutional Markets
Markets where transactions occur between institutions such as businesses, governments, and non-profits, rather than between a business and individual consumer.
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