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Diversification strategy in strategic management involves a firm expanding into new products, services, or markets to reduce risk and enhance growth. An alternative route to traditional diversification, which often focuses on unrelated or related business expansion, emphasizes leveraging core competencies, strategic alliances, and innovation to achieve sustainable diversification. One approach is concentric diversification, where a firm moves into businesses that are technologically or __________ _____ _____ ________ ______ __________ _______ _______ __________.
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