WORLD HISTORY

Detailed explanation-1: -Specialization is a strategy developed by a business to focus on the production of a very limited range of products or services in order to gain maximum productivity, expertise and leadership in the targeted field. Companies that specialize say they get a better return on investment.

Detailed explanation-2: -Specialization is the practice of an individual or business focusing their productive capacity (skills, resources, etc.) on a limited set of goods and services. Specialization is important because it greatly improves productivity – the ratio of inputs to outputs. The typical example is the assembly line.

Detailed explanation-3: -For example, one country might specialize in producing coffee beans, which gives this specific country a competitive advantage.

Detailed explanation-4: -There are two main sides of specialization: microeconomics and macroeconomics. Microeconomic specialization involves the division of labor between specialized individuals to optimize processes. Macroeconomic specialization is a large-scale specialization of regions and nations.

Detailed explanation-5: -What is a marketing specialization? A marketing specialization is an area of study you can pursue in your undergraduate or graduate program that focuses on building campaigns to promote an organization, brand, product or service.

Detailed explanation-6: -Labor specialization. Labor specialization is now commonplace in the workplace and is an important part of production. Departmental specialization. Business specialization. Regional specialization. Country specialization. 15-Feb-2021