When deciding on market selection, there are two main approaches a firm can consider. One of those is incremental versus simultaneous. The other is:

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The other approach for market selection is concentrated versus diversified. This refers to whether the firm will focus on a single market or product line or diversify across multiple markets or product lines. The best choice depends on the firm's goals, resources, and competitive environment. A concentrated strategy may be suitable for a smaller firm with limited resources looking to establish a strong presence in a specific niche, whereas a larger firm with more resources may benefit from a more diversified approach to reduce risk and maximize opportunities in multiple markets or product lines. Ultimately, the choice between concentrated and diversified strategies should align with the firm's overall business strategy and objectives.

When Deciding on Market Selection, There Are Two Main Approaches