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A company is facing increasing competition from a new entrant in the market. What is the most effective strategy in responding to this challenge? Question

A company is facing increasing competition from a new entrant in the market. What is the most effective strategy in responding to this challenge? Question 20Answer a. Invest in research and development to develop new products or services. b. Increase the prices of the products to maintain profit margins c. Reduce the existing workforce to half to increase the profit margin. d. Ran away to a different market segment to escape the competition

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