A joint venture is an attractive way for a company to enter a new industry when: Group of answer choices it needs access to economies of scope and good financial fits in order to be cost-competitive. the firm has no prior experience with diversification. a firm is missing some essential skills or capabilities or resources and needs a partner to supply the missing expertise and competencies or fill the resource gaps. it has not built up a hoard of cash with which to finance a diversification effort. it is uneconomical for the firm to achieve economies of scope on its own initiative.

A joint venture is an attractive way for a company to enter a new industry when:

a firm is missing some essential skills or capabilities or resources and needs a partner to supply the missing expertise and competencies or fill the resource gaps.

Explanation:

A joint venture is the pooling of resources by two or more companies in order to execute a particular project.  Some of the advantages of entering into a joint venture with another company include: gaining new capacity and expertise, entering related businesses or new geographic markets, securing access to modern technology, increased access to resources - including expertise and technology.  Joint ventures last as long as the project for which it is set up lasts.  The arrangement does not call for the dissolution of the joint venturers.  Instead, their separate businesses would continue to run separately from the joint venture, which becomes a separate entity until the accomplishment of the task.

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