What is product diversification?
Diversification is the name given to the growth strategy where a business markets new products in new markets. It is a risky strategy because the business is moving into a new area of a market in which it has little or no experience. A business therefore must have a clear idea about what it expects to gain from the strategy.
RC
Related Business Studies A Level answers
All answers ▸Discuss the advantages and disadvantages for a new business of using an overdraft as a way of managing its cash flow.
What is the difference between qualitative and quantitative market research?
What is the difference between profit and cash flow?
List and explain 2 theories of motivation, and give an example of how they can be applied in practice.