What are the Goals of Product Diversification?

[Suba]

In a highly competitive business world, entrepreneurs really need to diversify their products by expanding their product lines, by adding new products that are different from existing products. Several companies that have successfully implemented product diversification such as Amazon, which was initially only an e-commerce platform but has launched various new products such as smart speakers, Fire tablets, etc., as well as Apple, which initially only focused on computer products but has launched various new products such as iPad, iPhone, Apple Watch, etc. So in your opinion, what are the goals of companies implementing a product diversification strategy?

 

[King Belieal]

Diversifying your products gives the business an expanded market base. But it is not for very young businesses.

 

[Kera]

When you have different product lines, it helps the business to quickly recover from a slump to one product line.

 

[Augusta]

it is to bring into your company different and more customers. you would have more customers base as you add selling different products