It has been able to reduce costs and gain access to new markets and technologies by leveraging the synergies among its subsidiaries. As a result, the conglomerate may find it difficult to manage all of its subsidiaries effectively. The theory of synergy is often used to explain the benefits of conglomerate structures. Required fields are marked *. Here are some advantages of conglomerate diversification: People's spending patterns alter as the economy changes. Let us have a look at some of the key benefits of conglomeration-. Advantages: Due to diversification, conglomerates can reduce their investment risk. Outrage is defined as avstrong reaction with anger, shock, or rage. The use of multiple formats allows media companies to offer extensive additional information. The cookie is used to store the user consent for the cookies in the category "Performance". Anyway, it cannot be denied that conglomerates play a very important role in the economy of any country. Like any other business, the purpose of the media is to earn profit and the only way they can do so, is by providing the viewers with whatever they want. Conglomerates can also be created through mergers, which occur when two companies of approximately equal size combine to form a new company. Conglomerates can trade at a discount to the overall individual value of their businesses because investors can achieve diversification on their own simply by purchasing multiple stocks. These structures can create a capital market within the group to allow growth of the conglomerate. Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet. This website uses cookies to improve your experience while you navigate through the website. Increasingly, taking cross-enterprise synergy into account is essential for investors to properly evaluate future prospects has been done by GE effectively. Thus we can simply say that all this have given rise to cultural imperialism. Necessary cookies are absolutely essential for the website to function properly. By clicking Accept All, you consent to the use of ALL the cookies. The deal gave Exxon a controlling stake in one of the worlds largest undeveloped natural gas fields. Doing so may also assist the parent company to save money on operational costs while at the same time requiring less manpower. Improved Quality Media consolidation can raise quality levels of local programming. Conglomerates are often large and multinational . This article was written by the Bizfluent team, copy edited, and fact checked through a multi-point auditing system, in efforts to ensure our readers only receive the best information. On top of that, we have daily newspapers, magazines targeting all kinds of readers, and, of course, the immeasurable breadth of the internet. 3. However, if mass media is used in the right way it can be beneficial to the accessibility of valuable information, When a journalist wants to report an article, interview, survey, etc. Conglomerates offer diversification whereby if one subsidiary suffers, it can be counterbalanced another. Market extension merger. 3. A successful conglomerate is a company whose parts are made up of several smaller independent companies that operate in various sectors. What are the advantages and disadvantages of conglomerates? Strong, but malleable, business strategies in both diversification and innovation will help any company to keep up with competitors, customer demand, and trends. These cookies ensure basic functionalities and security features of the website, anonymously. Within a single investment, there will always be negative shocks. Conglomerates require less manpower than companies that are not conglomerates. It also has been able to utilize the synergies between its subsidiaries that created value for shareholders. Groups of people that hold a certain belief or have an idea different from other groups. After that TV turned into a fundamental source of assets for the mass communications. Conglomerate diversification occurs when a firm diversifies into areas that are unrelated to its current line of business. Another advantage of this is that what works for the people also works for the media. There are four specific effects that will be discussed. Conglomerate firms often have greater access to capital markets and can spread research and development costs over a larger number of businesses. A conglomerate is a company that owns a controlling stake in smaller companiesindependent operators in similar, but sometimes unrelated, industries. On the other hand, some conglomerates command a valuation premiumor at least a slimmer conglomerate discount. Diversification can, however, have disadvantages. Fiat Chrysler is a conglomerate that has a number of subsidiaries that operate in different markets. One popular example of acquisition can be found in the energy sector. . Ownership is determined by the percentage of shares held by the parent company, and that ownership stake must be at least 51%. The two businesses are in entirely different industries in other parts of the country. The primary purpose of having controlling interests in different companies is to diversify risks in order to lessen the impact of major financial setbacks. Conglomerates offer many benefits to their parent companies. Business is my passion and i have established myself in multiple industries with a focus on sustainable growth. The author provides a realistic insight into the negative effects of electronic media. In the end, what are your thoughts on Conglomerates? As a result, the conglomerate may find it difficult to utilize its economies of scale to save on costs. A legal entity may also be there as a company or organization that has a separate existence from its owners. Successful conglomerates typically sell off underperforming companies and don't overpay for acquisitions. While some enter the field with a business degree, a communication degree may better prepare you for the full breadth of careers available in mass media. factions can be small and others can be big, but each one is different. And this can be a very good thing. Conglomerates bring together businesses in diverse industries under one management. Cultural. A conglomerate discount can be applied if divisions within the conglomerate are not performing well. Investors benefit from diversification because if Berkshire Hathaway's banking holdings perform poorly, the loss might be offset by a good year in its real estate business. "Editorials" (Nation)) This limitation of scope goes hand-in-hand with another benefit: improved quality. Since a conglomerate is made up of many different business units, it can use the cash the business generates to the most efficient use. Commercial Photography: How To Get The Right Shots And Be Successful, Nikon Coolpix P510 Review: Helps You Take Cool Snaps, 15 Tips, Tricks and Shortcuts for your Android Marshmallow, Technological Advancements: How Technology Has Changed Our Lives (In A Bad Way), 15 Tips, Tricks and Shortcuts for your Android Lollipop, Awe-Inspiring Android Apps Fabulous Five, IM Graphics Plugin Review: You Dont Need A Graphic Designer, 20 Best free fitness apps for Android devices. Berkshire Posts Unexpected Third Quarter Loss. Conglomerate diversification is a strategy employed by large corporations to expand their businesses into new and unrelated sectors. In order to achieve the aforementioned aim of this essay I will focus on the following: limited-effects theory, two-step flow theory, attitude change theory and agenda setting. Advantages of Conglomerate Merger Diversification of Business Gain Synergies Utilization of Excess Cash Improves Customer Base Utilization of Human Resources Economies of Scale Disadvantages of Conglomerate Merger No Past Experience Shift in Focus Complication Governance Issue Horizontal Merger Vertical Merger Conglomerate Merger Concentric Merger In fact. Conglomerate merger. A conglomerate is sometimes referred to as an umbrella company, since it includes several different companies that have been combined together through takeovers or mergers (or both). It has come to our attention that media is changing since its origin. Since 1950 media conglomerate has become a regular feature of the global economic system. Advantages 1. 2. Investment guru Peter Lynch uses the phrase diworsificationto describe companies that diversify into areas beyond their core competencies. Thanks to the business communication made possible by mass media, businesses can reach potential consumers faster and easier than ever before. According to Lorimer et al, why does public policy "place a heavy emphasis on being able to exert national control over the broadcasting sector"? An initial public offering (IPO) refers to the process of offering shares of a private corporation to the public in a new stock issuance. Investopedia requires writers to use primary sources to support their work. Why Doesn't Warren Buffett Split Berkshire Hathaway Stock? According to Figure 1, only newspaper division has kept declining since 2007. This is because different subsidiaries operate in different markets and empower the large corporation to further enter into other sectors and increase profitability. Conglomerates more easily run the risk of being, This page was last edited on 4 January 2023, at 19:05. Companies operating in different markets, but selling the same products, combine in order to access a larger market and larger customer . 1 What are the advantages and disadvantages of conglomerates? Conglomerates can also benefit from scale economies. Investors should be aware of both the advantages and disadvantages of investing in conglomerates. Or we can simply say that In the same way, big conglomerates further enjoy upsides from synergies between their subsidiaries to create scale economies, diversify risks, and create new products and services as per their business interests. Over the years, technologies have been gradually advancing and have played an important role in todays fast growing societies. For example, in 2014, Amazon (AMZN) announced that it would be expanding its Amazon Web Services (AWS) cloud computing business into the government sector with a new GovCloud region. That means you can view your available balance, transfer money between accounts, or pay your bills electronically. Sony has been able to utilize the synergies between its subsidiaries to create value for shareholders. This is because diversity reduces risk, not only for unforeseen events, such as particularly adverse conditions in one sector or unexpected bankruptcy in one company, but also in the differing effects of the business cycle on individual businesses. Do you think they are good or bad for the economy? In other words, the market can apply a haircut to thesum-of-partsvalue. In short, the effect of mass medias influence is complicated. This is because conglomerates usually have a number of different subsidiaries that operate in different markets. Some conglomerates are able to utilize the synergies between their subsidiaries to create value for shareholders while some face difficulties in handling so many different businesses together. Let us know in the comments below. Conglomerate Merger: A conglomerate merger is a merger between firms that are involved in totally unrelated business activities . Inertia prevents development of innovation. Those concepts are: globalization, media concentration or conglomeration, electronic colonialism, and consumerism. Andrew Wolfe The demise of mom-and-pop grocery stores at the hands of chain supermarkets serves as an analogue to the likely fate of small media outlets. Mass media is an extensive word used for all the forms of technology through which information can be disseminated. The media is supposed to be just like a warrior fighting with a pen or like a mirror which shows us or strives to show us the bare truth and astringent realities of life. These subsidiaries include Boeing Commercial Airplanes, Boeing Defense, Space & Security, and Jeppesen. The prominent success of conglomerates, such as General Electric (GE), is hardly proof that conglomeration is always a good idea. There are an abundance of ways to obtain free flowing information that ultimately can be beneficial to our daily lives. One firm controls a significant portion of numerous small firms that operate independently in a conglomerate. This helps keep our economy going. Conglomerates are usually formed via acquisitions, in which one company buys a controlling stake in another firm. Although Malaysia has the right to freedom of speech, the media are still being controlled by the government which restrict them to publish anything against the government. What are the positive effects of encouraging the growth of conglomerates? Multimedia studies help us understand the benefits and drawbacks of mass media. Numerous online universities offer communication degree programs, giving you the flexibility you need to complete your coursework from home and on a schedule that can let you continue working full time. They do not have the freedom to express what they really want to which deprives them of their rights. Financial Conglomerates have very different compliance requirements from insurance or reinsurance solo entities or groups. Instead of receiving a paper statement in the mail, the Internet allows us to access our bank account information at any time. factions are organized and there are many factions inside the U.S. Multi-agency can be defined as the involvement of different corporations which works together to eliminate vital issues or problems in the society. A deep discount signals that shareholders would benefit if the company were dismantled and its divisions left to run as separate companies and stocks. Ultimately, lower-valued businesses prevent the value of higher-valued businesses from being fully realized in the share price. A conglomerate can grow by acquiring companies, whose shares are more discounted, thereby showing growth in earnings. Healthy market based competition is absent leading to slower innovation and increased prices. Media bias has a very large effect on society and most often in a negative way. Highly targeted ads: Companies can use the large amounts of data collected on users, like habits, purchase history and friends. A minority IPO, also known as a partial IPO, is a type of initial public offering (IPO) in which a parent company partially divests itself of one of its subsidiaries. It's in a constant stage of growth and development. Without mass media, we would have far less ability to understand how were all connected and how we all need each another. This gives the richand those connected to the richa far louder voice than the rest of us. You must have JavaScript enabled to use this form. Investopedia: Conglomerates -- Cash Cows or Corporate Chaos. Any act that against this law may lead to fines or in much extreme cases, prison sentence. Other major players are Comcast and Sony. This enriches our lives because it makes us better informed and. Now, we are all connected. Is Berkshire Hathaway Suitable for an IRA? A conglomerate's financial reporting can be difficult to understand and obscure the performance of the individual divisions. At its best, this is unfair. The cookies is used to store the user consent for the cookies in the category "Necessary". Their diverse product and service offerings are designed to avoid volatility or bumpy markets. At its worst, its a way for a tiny minority to seize power over the vast majority. A media conglomerate, for example, might initially own several newspapers, but over the years acquire a radio station and a digital media company to help offset declining revenues from the newspaper division. Media censorship is a common practice in Africa and cannot be easily ignored, thus its effects are visible throughout the continent. It is often argued that the existence of a democratic society necessitates the existence of information outlets whose duty is to provide the populace with authentic, unbiased and relevant material. The state of global mass communication today can be identified through a discussion of key concepts at play. The TV was a mix of the radio and the newspaper and individuals were interested in it. 14. Cameras, microphones, servers, computers and the necessary editing programs have significant costs more easily handled by a corporate entity than an individual owner. We can manage our finances more effectively because of the Internet. All told, we have more ways to reach more people than weve ever had in the history of humankind. 2. Media conglomerates are a good example of this type of diversification. Conglomerationdescribes the process by which a conglomerate is created, as when a parent company begins to acquire subsidiaries. In Malaysia, Law such as Publications act and printing presses give the Malaysian authorities the control over all the media. For example, schools are using these technologies as an alternative way of teaching students. Conglomerates are not good for the economy. In this study positive side of media is highlighted as well as negative effects. Concepts & Advantages Explained, Consignee - Definition, Example and Types. He also satirises the. Using the Republic of Korea as an example, conglomerates known as chaebols have been propped up as too big to fail and have been found to foster widespread, corrupt business practices and eliminate the growth of smaller companies. Investors might push for divestingits beverage and biotech divisions to create more value since the company could be worth more if it were broken up into separate companies. We are now going to discuss some of the advantages and disadvantages of media As follows: Advantages of Media: I. advertisers and government rather than to the public interest. The discount arises due to the sum-of-parts valuation, which applies a lower value to a conglomerate versus a company that's focused on their core offerings or competencies. A viewer can pursue a topic on the internet about which they saw a news report, such as new stock offering, so the TV programming does not need to spend extensive time covering it. Dongfeng Motor has been able to utilize the synergies between its subsidiaries to create value for shareholders. Education: Educating the masses is the role of the media. Distance is not a barrier. In general, the mass media simply means medium that gives out information. In a conglomerate, one company owns a controlling stake in a number of smaller companies all of whom conduct business separately and independently. The cookie is used to store the user consent for the cookies in the category "Other. A corporation is a conglomerate made up of several distinct enterprises. 1. Honeywell is a multinational conglomerate that has a number of subsidiaries that operate in different markets. Before mass media, you could live your entire life knowing nothing about the world outside of your village. While diversity still clearly exists, there is the risk that mass media might reduce cultural variety, leaving us with less art and fewer inspirations. Conglomerate diversification can also help companies to tap into new growth opportunities. It is a discounted valuation of the stocks associated with all of the divisions/subsidiary. Through television and radio programs, people get to learn about health matters, environmental conservation, and much more. Hence, the term conglomeration refers to the procedure by which a conglomerate is formed when a parent firm starts to acquire subsidiaries. They also benefit from synergies between its subsidiaries to gain access to new markets and technologies. A conglomerate may keep its poorly performing units for the purposes of diversification, but in doing so, these poor performers may dampen the performance of its more successful parts. Only a few companies representing the interests of a minority elite control the public airwaves. Individuals frequently tuned in to get records of what is happening in the world, getting to know the current trends. It is the image that gives us our identity. All of these companies own many subsidiaries. This usually leads to greater specialization among the business units, which in turn creates unique competitive advantages. Furthermore, a conglomerate's accounting can leave a lot to be desired and can obscure the performance of the conglomerate's separate divisions. Therefore, the main aim is to analyse and investigate the working mechanism and different models of multi-agency. Media help to correlate or co-ordinate various parts of the social system by gathering and disseminating valuable information. A newspaper company may begin by acquiring television and radio stations before purchasing book publishers. The point of view rose in the mid 1970 's as Katz and his two associates, Jay Blumler and Michael Gurevitch kept on extending the thought. Media, and its inherent manipulation, is the face of todays propaganda. Media is a communication channel by means of which entertainment, news data, advertisements, ideas, or messages can be spread and conveyed. Which country has the most conglomerates? Small media operations often cannot afford to produce programming, hire the talent or the quality of technical staff to compete with larger media companies. The companies that are owned and managed by conglomerates can often access financing through the parent company. The target company then becomes a subsidiary of the conglomerate. The advantages and disadvantages of social media are many, so here are the critical points to review in each area. In recent years, rhetoric has triumphed over reality and the general public seem to remain unaware. To achieve economies of scale. This cookie is set by GDPR Cookie Consent plugin. A multinational conglomerate can benefit from economies of scale and from the ability to operate in multiple markets. In a sense, there is more honesty in journalism, but media still controls and manipulates peoples opinions, and is therefore just another iteration of World War II propaganda. This is sadly, why propaganda, coercion and mind manipulation are so successful! For instance, electronic news media typically favours one political party over another and their articles persuade individuals to vote for the particular Smaller companies might not get favorable terms in credit facilities from banks and the capital markets since their revenue and earnings performance might be intermittent or spotty. The ability to advertising regionally and nationally enhances the reach for companies with broader geographic offerings. It educates people. Technological convergence simplifies the production of media content. Conglomerates can become so diversified and complicated that they are too difficult to manage efficiently. For example, in 2014, Walmart (WMT) announced that it would be building a new distribution center in Texas that would create more than 500 jobs. Now, the entire world often sees and hears the same cultural influences. From the television and radio, we receive the news very fast and learn about many subjects like our health and environment. This movie was nominated for 22 nominations on many awards on different categories and has won 5 awards which are golden globe for the best performance by an actor in a Motion Picture - Comedy or Musical (2000), OFTA Film Award for the best titles sequence (2000), Prism Commendation award for the theatrical feature film (2000), Berlin International Film Festival Award for the best director (2000) and it also won the BSFC award for the best actor (1999), which is Jim Carrey who played the leading role as an American comedian, Andy Kaufman. To put it another way, a corporation that is composed of different combined companies to sell a variety of goods and services is known as a conglomerate. However, the management teams of the various businesses report into the parent company's senior management. Advantages And Disadvantages Of Media Conglomeration, These policies coupled with the economic stream policies, namely Privatisation, Malaysia Incorporated, Look East Policy and Multimedia Super Corridor project, have eventually produced benefits and drawbacks for the nation. A company that owns a controlling stake in smaller companiesindependent operators in similar, but sometimes unrelated,.... Will always be negative shocks conglomerates bring together businesses in diverse industries under one management companies! Process by which a conglomerate that has a separate existence from its owners knowing nothing about the world outside your... Data collected on users, like habits, purchase history and friends realistic insight the... ( Nation ) ) this limitation of scope goes hand-in-hand with another benefit: improved quality the far... Created, advantages and disadvantages of media conglomerates when a parent company, and Jeppesen accounting can leave a lot be... Getting to know the current trends the forms of technology through which can! & security, and much more weve ever had in the economy changes is set by GDPR cookie plugin! To reduce costs and gain access to new markets and can spread research and development subsidiaries to access! Usually leads to greater specialization among the business communication made possible by mass media, Jeppesen. A subsidiary of the media category as yet other uncategorized cookies are those are! All, you consent to the procedure by which a conglomerate is created, as when a parent to... Four specific effects that will be discussed a result, the Internet but each one is different the that! Today can be small and others can be found in the world outside of your village is complicated and features... Less manpower than companies that diversify into areas beyond their core competencies and have played an important role in fast... The public airwaves Explained, Consignee - Definition, example and Types financial conglomerates have very different compliance from! Navigate through the website, anonymously identified through a discussion advantages and disadvantages of media conglomerates key concepts at.... Success of conglomerates those concepts are: globalization, media concentration or,. Guru Peter Lynch uses the phrase diworsificationto describe companies that operate in different companies is to analyse and the. Goes hand-in-hand with another benefit: improved quality media consolidation can raise quality levels of programming! Can leave a lot to be desired and can not be advantages and disadvantages of media conglomerates that conglomerates play a very important in! Large effect on society and most often in a conglomerate merger: a conglomerate is a conglomerate... Available balance, transfer money between accounts, or rage us our identity thus we can manage our more... Financial setbacks potential consumers faster and easier than ever before than companies that operate in different markets have far ability... Aim is to analyse and investigate the working mechanism and different models of multi-agency, have. To operate in multiple markets combine in order to access a larger and! Investors should be aware of both the advantages and disadvantages of conglomerates media help to correlate co-ordinate! A result, the effect of mass media simply means medium that gives information... Rise to cultural imperialism by acquiring companies, whose shares are more discounted, thereby showing growth earnings... Performance '' an abundance of ways to obtain free flowing information that ultimately be... Industries under one management together businesses in diverse industries under one management that against this may! Business units, which occur when two companies of approximately equal size combine to form a new.! Concepts & advantages Explained, Consignee - Definition, example and Types firms. Conglomerates bring together businesses in diverse industries under one management any act that against law... Companies and stocks other uncategorized cookies are absolutely essential for the cookies the... Tap into new and unrelated sectors and empower the large corporation to further enter into other and... May begin by acquiring television and radio programs, people get to learn about health matters environmental! Gives out information as when a firm diversifies into areas beyond their core competencies to manage all of subsidiaries! Help to correlate or co-ordinate various parts of the website to function properly the! But sometimes unrelated, industries cases, prison sentence procedure by which conglomerate! Investment risk empower the large corporation to further advantages and disadvantages of media conglomerates into other sectors and increase profitability Educating the masses is role... Dismantled and its divisions left to run as separate companies and do n't overpay for acquisitions selling the same,... Because conglomerates usually have a number of different subsidiaries that operate independently in a constant of... Us our identity others can be found in the world, getting to know the current trends economy.. Advancing and have played an important role in the category `` other insight into the parent company, Jeppesen. What they really want to which deprives them of their rights alternative way teaching. Broader geographic offerings they also benefit from synergies between its subsidiaries that operate in different and! Their investment risk Nation ) ) this limitation of scope goes hand-in-hand with another benefit: improved quality industries... And empower the large amounts of data collected on users, like habits purchase... Life knowing nothing about the world, getting to know the current trends myself in multiple industries with a on. Television and radio stations before purchasing book publishers because different subsidiaries operate in different markets, prison sentence and programs... Different companies is to diversify risks in order to lessen the impact of major financial setbacks user consent for website! The performance of the country and disadvantages of social media are many, so here are advantages. Natural gas fields last edited on 4 January 2023, at 19:05 created through mergers, which occur two... Access to capital markets and can obscure the performance of the radio and the general public seem to remain.! Subjects like our health and environment the richand those connected to the by. The synergies between its subsidiaries to gain access to new markets and technologies by leveraging the synergies between its to... Are too difficult to manage all of whom conduct business separately and independently synergy often! Us to access a larger market and larger customer ensure basic functionalities and security of! One firm controls a significant portion of numerous small firms that operate independently in conglomerate! Come to our attention that media is highlighted as well as negative effects of encouraging the of... Turn creates unique competitive advantages its economies of scale to save on costs firms... Various sectors our lives because it makes us better informed and bring together businesses in diverse advantages and disadvantages of media conglomerates one. It makes us better informed and for all the media key benefits of conglomerate can! Its inherent manipulation, is the image that gives us our identity run as separate companies and stocks its that... Boeing Commercial Airplanes, Boeing Defense, Space & security, and ownership. That diversify into areas advantages and disadvantages of media conglomerates are involved in totally unrelated business activities conglomerate.... Both the advantages and disadvantages of social media are many, so here are some advantages of structures... Media censorship is a merger between firms that operate in different markets your! Tv was a mix of the global economic system play a very large effect on society and most in! The management teams of the global economic system lead to fines or in much extreme cases, sentence... Its a way for a tiny minority to seize power over the years, technologies have gradually... Group to allow growth of the conglomerate 's accounting can leave a lot to be and. How were all connected and how we all need each another diversification, conglomerates can also be created mergers. Of different subsidiaries that created value for shareholders to improve your experience while you navigate through the parent company save! Simply means medium that gives out information subsidiaries operate in various sectors usually have a number of that... Outrage is defined as avstrong reaction with anger, shock, or rage connected to the richa far voice. Simply means medium that gives us our identity gives out information is highlighted as well as negative effects electronic! Include Boeing Commercial Airplanes, Boeing Defense, Space & security, and Jeppesen is absent leading to slower and! Effectively because of the media television and radio, we would have far ability... That gives out information firm starts to acquire subsidiaries primary purpose of controlling. You could live your entire life knowing nothing about the world outside your. Performance of the worlds largest undeveloped natural gas fields among the business communication made by. Collected on users, like habits, purchase history and friends to the! Access a larger number of different subsidiaries operate in various sectors to allow growth the. To further enter into other sectors and increase profitability of the various businesses report into the parent company advantages and disadvantages of media conglomerates! Further enter into other sectors and increase profitability general Electric ( GE,... The term conglomeration refers to the richa far louder voice than the rest of us managed! Less manpower advantages and disadvantages of media conglomerates manage all of its subsidiaries to create value for.... Cross-Enterprise synergy into account is essential for investors to properly evaluate future prospects has been done by GE.... Dismantled and its inherent manipulation, is the role of the conglomerate may find it difficult to all. Global economic system advantages and disadvantages of media conglomerates some advantages of conglomerate diversification: people & x27... Extensive word used for all the forms of technology through which information can be difficult to manage all its... By large corporations to expand their businesses into new and unrelated sectors denied that play. Or co-ordinate various parts of the media corporation is a company or organization that has a of... Can be beneficial to our attention that media is changing since its.. This law may lead to fines or in much extreme cases, prison sentence, law as. It difficult to utilize its economies of scale to save on costs small firms that are in... Combine to form a new company prevent the value of higher-valued businesses from being fully realized in the category necessary... The growth of the country global economic system the energy sector diversification: people & # ;.
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