Benefits of Diversity Literature & Language Essay Paper (Essay Sample)
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Benefits of Diversity
Benefits of Diversity
Diversity in marketing pays in different ways for both domestic and international firms. The addition of new products and services has the capacity to bring rapid growth to a company. The diversity will focus on the customers demand and the products that they consume most. It is the responsibility of the firm to prioritize the needs of their customers. While a company that focuses on a narrow product range of products has finite number of customer, a diversifying one has an infinite number that increases its survival (Thompson, 2015). Diversity is especially important for local companies as it is promote long-term viability. In cyclical businesses where the demand for a product is only high at a given season of the year, diversification ensures cash flow throughout the year. Diversification is also an effective method by which a company grows as it boost revenues (Thompson, 2015). Examples of brands which have grown through diversification is the Virgin brand that stretches through tr
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