"Equity Investments":Defensive industry
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Questions 1:
An industry experiencing slow growth, high prices, and volumes insufficient to achieve economies of scale is most likely in the:
A、 shakeout stage.
B、embryonic stage.
C 、mature stage.
Questions 2:
Which of the following is most likely classified as a defensive industry?
A、 A mature industry with government-controlled pricing
B 、A non-cyclical, high-growth industry
C 、A cyclical industry with a few competitors
B is correct. An embryonic industry is one that is just beginning to develop and is characterized by slow growth, high prices, volumes not yet sufficient to achieve meaningful economies of scale, developing distribution channels, and low brand loyalty because there is low customer awareness of the industry’s product.
A is incorrect. A shakeout stage is usually characterized by slowing growth, intense competition, and declining profitability. In this stage, companies also tend to increasingly focus on reducing their cost structure and building brand loyalty.
C is incorrect. A mature industry is characterized by little or no growth, industry consolidation, and relatively high barriers to entry. The surviving companies tend to have brand loyalty and relatively efficient cost structures.
A is correct. A defensive industry is non-cyclical with stable earnings. A mature industry with government-controlled pricing will have stable earnings and be non-cyclical.
B is incorrect. A defensive industry will have stable earnings, not growing earnings.
C is incorrect, A defensive industry is non-cyclic.
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