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Difference between revisions of "Business Diversification"

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'''Business Diversification''' or '''Diversification''' is a corporate strategy to enter into a new market or industry in which the business doesn't currently operate, while also creating a new product for that new market. This is the most risky section of the Ansoff Matrix, as the business has no experience in the new market and does not know if the product is going to be successful. Diversification is one of the four main growth strategies defined by Igor Ansoff's Product/Market matrix<ref>Definition: What is Business Diversification? [https://en.wikipedia.org/wiki/Diversification_(marketing_strategy) Wikipedia]</ref>
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'''[[Business]] Diversification''' or '''Diversification''' is a corporate [[strategy]] to enter into a new [[market]] or [[industry]] in which the business doesn't currently operate, while also creating a new [[product]] for that new market. This is the most risky section of the [[Ansoff Matrix]], as the business has no experience in the new market and does not know if the product is going to be successful. Diversification is one of the four main growth strategies defined by Igor Ansoff's Product/Market matrix<ref>Definition: What is Business Diversification? [https://en.wikipedia.org/wiki/Diversification_(marketing_strategy) Wikipedia]</ref>
  
  

Revision as of 14:11, 6 February 2021

Business Diversification or Diversification is a corporate strategy to enter into a new market or industry in which the business doesn't currently operate, while also creating a new product for that new market. This is the most risky section of the Ansoff Matrix, as the business has no experience in the new market and does not know if the product is going to be successful. Diversification is one of the four main growth strategies defined by Igor Ansoff's Product/Market matrix[1]


References

  1. Definition: What is Business Diversification? Wikipedia