Many small companies are one-trick ponies, betting their entire futures on a single product, a single service, a single location or even a single customer. And there's nothing wrong with that in the beginning: A narrow focus lets a startup concentrate energy on doing one thing extremely well. But as you grow larger, you'll find opportunities to add products, services, locations, customers and markets. Diversifying in this way can help your business weather tough times by providing alternate sources of revenue in the event that your original market dries up, stops growing or is hit by new competition. Most companies that survive for long periods of time find that they have to develop new sources of revenue as tastes change and opportunities evolve.
LVMH – Strategy And Future: Diversification
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The aim of this paper is to discuss the key strategic issues that LVMH face and establish some future recommendations that can be implemented in order for LVMH to remain successful in the luxury industry. It was found that the key strategic issues that LVMH face centred on diversification and vertical integration. A number of strategies have been proposed to offer some recommendations to LVMH, they namely in restructuring their retail sector, considering the concept of moderate diversification and focusing on the human resources side of acquisitions and mergers. Disclaimer: This work has been submitted by a student. This is not an example of the work written by professional academic writers. Here you can order a professional work. Find a price that suits your requirements.
Diversification: Definition, Levels, Strategy, Risks, Examples
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Product diversification is the practice of expanding the original market for a product. This strategy is used to increase the sales associated with an existing product line , which is especially useful for a business that has been experiencing stagnant or declining sales. There are a number of ways to engage in product diversification, including the following:. The manner in which a product is presented can be altered to make it available to a different audience.