Which of the Following Is NOT a Reason for Fragmentation

Which of the following is NOT a reason for fragmentation?

A) Lack of scale economies may mean that there are few, if any, cost advantages to large size.
B) There is no established brand loyalty in the market segment.
C) The lack of scale economies and national brand loyalty often implies low entry barriers.
D) The company is specialty company that operates in local or regional markets or is focused on specialized or custom-made products.
E) Brand loyalty in the industry may primarily be local.