Diversification refers to the expansion of a company’s product range. It is a great way of expanding a businesses product-market strategy to increase reach, reduce risks and improve business continuity.
For example…
You might have come across advertisements in the media from supermarket retailers offering car or home insurance. Why would a grocery store be interested in providing insurance products you might ask? Well, think about it, a lot of people shopping for groceries bring their car to load their shopping don’t they? So, travel insurance from a trusted name would be appealing to customers while providing an alternate revenue stream for the retailer. Also, you would think those customers might have a house where they would take their groceries to…
