Question

Substantial changes to the range of offerings or the markets served or both are known as:

Answer 1

This is known as 'Diversification'

A business is said to ''diversify'', if they launch a slight different or a completely new product to cater to either cater to their current consumers or to target a new demographic market.

This is one of the best ways that a company can improve their revenue, acquire new customers, and lower their dependence on a few products.

Answer 2

Diversification means substantial changes to the range of offerings or the markets served, or both. To ''diversify'' means, launching new product for the improvement.

What is diversification?

• Diversification is a business improvement plan of action in which a company develops new products and services, or enter the new markets, beyond its active figures.

• Diversification strategy can start up a battle business, or it can further extend the success of already highly economic companies.

• This is the foremost style that a company can modify their revenue, grow new customers, and lower their dependency on a few products.

• In business, to ''diversify'' means, launching a slender different or a totally new product to cater to either supply to their current consumers or to aim a new demographic market.

However, Substantial changes to the range of offerings or the markets served or both are known as diversification.

Learn more about diversification, refer:

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