Question $1$

When the market for standalone Global Positioning System $($GPS$)$ devices declined with the arrival of GPS$-$enabled mobile phones, Magnum Inc., a manufacturer of GPS devices, bought out most of its rivals that were planning to exit. This allowed the company to get rid of all the excess capacity and acquire a monopolistic market power in the declining industry. Which of the following strategies has Magnum adopted in this scenario?

harvest strategy

maintain strategy

consolidation strategy

differentiation strategy