Diversified or multibusiness firms, which have business segments engaged in many different industries, frequently have one overall business definition applicable to each of their different businesses.

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Diversified or multibusiness firms may have different business definitions for their various segments as each business operates in a unique industry with its own set of competitive dynamics and customer base. In fact, having different business definitions allows the firm to better tailor their strategies and resources to each individual segment's needs and opportunities.

Diversified or Multibusiness Firms, Which Have Business Segments Engaged in Many