7.1.3 Where should Diversification be undertaken?

Diversification can be considered a useful business development tool for companies in any sector and location of the economy.
However, you have to keep in mind that there is no recipe for successful diversification. It depends on multiple internal and external factors for each company, which should be carefully studied and taken into consideration when developing a diversification strategy. It is also very important to implement and update this strategy according to the dynamically changing conditions and strong competition under which business usually operates.