Market diversification is essential for several reasons:
Risk Mitigation: By diversifying, businesses reduce their dependency on a single market or product. This minimizes the impact of market fluctuations. Revenue Growth: It opens up new avenues for generating income, thereby increasing overall revenue. Competitive Advantage: Diversified companies can outmaneuver competitors by offering a wider range of products or services. Market Penetration: It allows businesses to penetrate new markets, thereby expanding their customer base.