Abstract

This abstract explores the topic of management of diversification strategies and its impact on increasing the profitability of businesses. Diversification refers to the expansion of a company's product or service offerings into new markets or industries. The objective of diversification is to minimize risk, capitalize on new opportunities, and enhance overall profitability. Effective management of diversification strategies requires a comprehensive understanding of the target markets, careful planning, and efficient allocation of resources. This abstract highlight various key elements associated with successful diversification management. It emphasizes the importance of conducting thorough market research and analysis to identify viable diversification opportunities. It explores different diversification approaches, such as related and unrelated diversification. It examines the benefits, challenges, and considerations associated with each approach and provides insights into effective implementation strategies. Furthermore, the abstract delves into the significance of strategic planning and resource allocation in managing diversification strategies. It explores the need for flexibility, adaptability, and effective communication within the organization to facilitate the integration of new ventures and promote collaboration across different business units. The researcher had considered 211 people from different business sector to explore Management of Diversification Strategies and its impact on increasing Profitability of Business and concludes that there is significant impact of Management of Diversification Strategies on increasing Profitability of Business

Description