De Beers is one of the oldest and most profitable monopolies in the world. By controlling diamond deposits in South Africa, the company was able to erect a barrier of entry represented in exclusive control of a natural resource. However, in the year 2000, more diamond deposits were discovered and that brought competition to the diamonds market. De Beers adapted by marking each of its products with a "Forever Mark" to assure quality and authenticity of the product. What was De Beers trying to achieve with this strategy?
A) Erect another barrier to entry by improving the quality of its product.
B) Gloat about the quality of its products in comparison to other producers.
C) Differentiating and branding its product to maintain its market share.
D) None of the above.

Question

Quizplus · Accepted Answer

De Beers introduced the "Forever Mark" as a strategy to differentiate and brand its diamonds, aiming to maintain its market share by assuring customers of the quality and authenticity of its products amidst increasing competition.

De Beers Is One of the Oldest and Most Profitable