Lilly's Beauty Company sells haircare products such as shampoo, conditioner, and hairspray. The company does not sell new or customized products in order to meet the specific needs of certain groups of people. Which of the following approaches is illustrated in this scenario?

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Lilly's Beauty Company sells standardized haircare products without customization to meet the specific needs of certain groups of people. This approach is consistent with a standardization strategy, which focuses on offering the same products to all customers. It contrasts with market segmentation strategies, which involve dividing customers into groups based on their needs and preferences and then developing products and marketing messages tailored to the needs of each group.

Lilly's Beauty Company Sells Haircare Products Such as Shampoo, Conditioner