A response to the post below, no more than 150 words and a internet reference only please. Thank you
Industries naturally go through peaks and troughs, while some simply become outdated as new technologies appear and markets shift. Academically, in session 6, I learnt diversification can provide organizations with a way of moving from a failing core industry to one of emerging growth. The difficulty lies in predicting which industries can add value to your business and which ones will simply exacerbate your problems. Along with personal experience, change may be difficult, but inertia can prove truly damaging, particularly from a business point of view. In the corporate world, standing still is the same as going backwards. However, once a market has become saturated, businesses have little choice but to enter new verticals if they want to pursue further growth (Thompson, et al, 2019). This is what I believed: To stand still is to fall behind (this is a Chinese idiom) so that I encourage and push forward for my factory. In this ten years, I have been successfully shifting our factory production from gift items to razor industry. There have, of course, been many diversification strategies that have failed and many that have succeeded. Although it may be tempting to seek growth outside a company’s core business, this decision should not be taken lightly. The knowledge and skill required to manage business activities across multiple unrelated industries is hard to find, even among the most experienced and successful corporate individuals(Thompson, et al, 2019).
