Reliable Packaging, which has competed on cost for several years, has found itself losing market share because of the cost-cutting initiatives from its competitors. In order to survive, Reliable Packaging should consider:

A) replacing its top management team
B) firing employees
C) changing its technology
D) changing the location of its firm
E) diversifying into industries where cost pressures are less severe

Cost-Cutting Initiatives

Measures implemented by an organization to reduce expenses and improve financial efficiency.

Market Share

The percentage of an industry's total sales that is earned by a particular company over a specified time period, indicating the company's size and competitiveness in the market.

Diversifying

The strategy of expanding or varying products, services, or markets to reduce risk and increase potential for growth.