In an attempt to stop declining profitability,ICI,a British chemical company,deleted petrochemical products from its production and concentrated on specialty chemicals,a less capital intensive,less cyclical business.Which type of grand strategy was ICI using?

Question

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Retrenchment is defined as a strategy that focuses on turning around very poor company performance by shrinking the size or scope of the business.Here,ICI is downscaling from a diversified chemical company to a specialized chemical company.

In an Attempt to Stop Declining Profitability,ICI,a British Chemical Company,deleted