Diversification of Products/Services

Diversification is a business strategy to enter or start new products or product lines, new services or new markets, involving substantially different skills, technology and knowledge.

To effectively diversify a product line, businesses should focus on market research, resource allocation, risk analysis, product development, and marketing. This involves understanding customer needs, assessing company capabilities, mitigating potential risks, developing innovative products, and creating effective marketing strategies.

   Helpful Hint: For more information on Diversification visit Trade.gov.