product diversification

Why is Product Diversification Important?

Product diversification is crucial for several reasons:
1. Risk Mitigation: By diversifying, businesses can spread their risk across multiple products. This helps in cushioning the impact if one product fails.
2. Market Expansion: Diversifying allows a company to enter new markets and attract different customer segments.
3. Revenue Growth: It opens up new revenue streams and can significantly boost a company’s overall growth.
4. Competitive Advantage: By offering a wider range of products, businesses can gain a competitive edge over their rivals.

Frequently asked queries:

Relevant Topics