What are the pros and cons of diversification versus specialization?
An example of an AI chatbot conversation about diversification vs specialization in business strategies.
What are the pros and cons of diversification versus specialization?
Diversification involves spreading investments across various sectors, reducing risk. Specialization focuses on a single area, enhancing expertise but increasing risk.
Can you give examples of companies that have successfully diversified?
Sure! Companies like Amazon and Disney have successfully diversified their offerings, entering various markets while maintaining brand strength.
What about companies that failed due to over-diversification?
A notable example is General Electric, which faced challenges after diversifying too broadly, losing focus on its core competencies.
How can a business decide which strategy to pursue?
A business should assess its market, resources, and long-term goals. Analyzing competition and customer needs can also guide the decision.
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