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The standout competitive characteristic or feature of a fragmented industry is?

The standout competitive characteristic or feature of a fragmented industry is?
a. an unusually large number of different market segments and buyer groups
b. a market situation where demand for the product is scattered over many different country markets
c. an exceptionally large number of models, styles, and product varieties being produced and marketed by industry members
d. the demand side of the market is populated by millions of buyers, no one of which buys in large volume quantities
e. the absence of market leaders with king-sized market shares and widespread buyer recognition

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