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What is diversification

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What is diversification

Posted by Ritika Raj 7 years, 11 months ago

CBSE > Class 11 > Business Studies

1 answers

Preeti Dabral 7 years, 11 months ago

Diversification occurs when a business develops a new product or expands into a new market. Often, businesses diversify to manage risk by minimizing potential harm to the business during economic downturns. The basic idea is to expand into a business activity that doesn't negatively react to the same economic downturns as your current business activity. If one of your business enterprises is taking a hit in the market, one of your other business enterprises will help offset the losses and keep the company viable. A business may also use diversification as a growth strategy.

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