Why Diversify?
Flexibility is key to remaining relevant and profitable in any market. The more reliably company managers monitor what is happening in their industries the more quickly they can respond with sound business practices, such as exploring expansion opportunities. Product diversification is one realistic response to changes in market trends. Vigilance will help identify opportunities to grow existing product lines as well as branch out into new ones. This is referred to as product diversification.
Types of Diversification
There are four different types of product diversification methods that businesses may wish to consider:
- Horizontal Diversification –
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Source SalesChain
