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Product diversification is a strategic approach adopted by companies to expand their range of products or enter new markets to enhance growth, reduce risk, and increase market share. It involves introducing new products or variations that are distinct from the company’s existing offerings. Diversification is particularly significant in marketing and managerial decision-making because it allows firms to spread their risks across different products, attract new customer segments, and capitalize on existing capabilities or market opportunities. The concept is rooted in the idea that relying solely on a limited product line can make a business vulnerable to market fluctuations, changing consumer preferences, or technological _____ _______ __________ _____ _______ ________ ____ ____ ___ ______ ____.
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