Question

Lloyds of London is an example of a(n) ________.

A.) leveraging a firm’s core capacity
B.) expanding into new markets
C.) acquiring resources at low cost
D.) competing with industry rivals

Answer 1

Lloyd's of London demonstrates the successful business strategy of focusing on a specific core competency, in this case, the insurance market, leading to efficiencies and a strong, well-respected brand.

Step-by-step explanation:

Lloyd's of London is an example of a business that has become incredibly successful by focusing on a specific core competency. In this case, the core competency is their specialization in the insurance market. This strategy of specializing rather than diversifying across many different types of products or markets can typically lead to more efficient operations and an enhanced reputation. Lloyd's of London exemplifies this by being a well-respected brand name in the insurance industry, which has been carefully built up over many years, reflecting their dedication to this sector.