as a result of an in-depth analysis,a biotechnology company specified its arenas: thecompany intended to use T-cell receptor technol-ogy to develop both diagnostic and therapeuticproducts for battling a certain class of cancers; itchose to keep control of all research and productdevelopment activity, but to outsource manufactur-ing and a major part of the clinical testing processrequired for regulatory approvals. The companytargeted the U.S. and major European markets asits geographic scope. The company’s chosen are-nas were highly specific, with products and mar-kets even targeted by name. In other instances,especially in businesses with a wider array ofproducts, market segments, or geographic scope,the strategy may instead reasonably specify theclasses of, or criteria for, selected arenas—e.g.,women’s high-end fashion accessories,