Masceo, an oil and gas company, suffered major losses due to damaged oil pipelines. In an attempt to cover its costs, it laid off several employees and closed down three of its refineries. Which of the following grand strategies was used by Masceo in this scenario?

Question

Quizplus · Accepted Answer

Masceo used the retrenchment strategy, which involves reducing or eliminating businesses, products, or services that are unprofitable or not in line with the company's overall mission. By laying off employees and closing down refineries, Masceo is cutting back on expenses and focusing on its core business in order to regain profitability.

Masceo, an Oil and Gas Company, Suffered Major Losses Due