Simultaneous combination strategy involves applying a mix of strategies, like expansion, growth, and retrenchment, across different business units at the same time. This allows a firm to take different approaches in business units at different stages of their life cycles. TTK Group adopted this strategy through product diversification, joint ventures, divestments, and strategic alliances across its brands. ITC also used a simultaneous strategy through backward integration, diversification, turnaround strategies, and divestments in its various business segments. Simultaneous strategies provide benefits like competitive advantages, protection from industry trends, and help firms address complex business challenges.