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What are some examples of diversification as a growth strategy option?

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Hi everyone, based on the table above. I would like to understand what are some examples of diversification as a growth strategy option?

Thank you.

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Top answer
Ian
Coach
edited on Sep 09, 2021
Top US BCG / MBB Coach - 5,000 sessions |Tech, Platinion, Big 4 | 9/9 personal interviews passed | 95% candidate success

Hi there,

First of all, remember that launching a new product in a new market is ill-advised. It truly is a measure of last resort.

You don't know what you're doing and you don't understand who you're selling to. YOu're essentially going in blind and deaf.

Now, if you are going to do it, you want to do something similar to what you already do.

As an example, if I'm (old) Uber, a ride hailing company in the US (that's all I do) and I'm launching a food delivery or helicopter ride service in China, that's a new market and a new product.

Basically, you're selling something you don't currently sell to a market (geography and/or customer group) in which you don't currently operate (silly!)

Deleted
Coach
on Sep 09, 2021
Experienced interviewer | Roland Berger Project Manager| Cambridge University | Super intuitive approach

Hi there,

When introducing a new product, you normally would also sell it to your current market. If you are “diversifying” as per this framework, usually it would go hand-in-hand with new product development (for current/ existing market)

Businesses very rarely produce new products, exclusively for new markets you don't exist in yet

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