The managers at Camphor Plastics decided that their firm needed to diversify because of overall falling sales and lower performance in one sector. How does diversifying compensate for the lackluster performance in this sector

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11-07-2022
Business

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The managers at Camphor Plastics decided that their firm needed to diversify because of overall falling sales and lower performance in one sector. How does diversifying compensate for the lackluster performance in this sector

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Tundexi Tundexi · Answer 1 · 2022-07-18T18:30:54+02:00

The diversification will compensate for the lackluster performance in this sector by having higher performance in another sector.

What is a diversification?

This is a business strategy that involves entering into a new market that one firm have not be operating in for introduction of a new product for that new market.

Hence, for Camphor Plastics, the diversification will compensate for the lackluster performance in this sector by having higher performance in another sector.