Diversification as a Growth Strategy on the Performance of Firms
In the Nigeria Oil and Gas Business
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Business organizations are operating in environments that are increasingly uncertain, complex, competitive, dynamic and unpredictable. The changes in environments are not only rapid and bewildering; they also appear to be in a state of constant flux. Interest in the study was to determine how diversification as a growth strategy can help organization to enhance penetrate into new market, enter into new market, increase brand awareness and improve on their market share. The results of the study indicated that organizations should pay adequate attention to each elements of diversification and gr...
Business organizations are operating in environments that are increasingly uncertain, complex, competitive, dynamic and unpredictable. The changes in environments are not only rapid and bewildering; they also appear to be in a state of constant flux. Interest in the study was to determine how diversification as a growth strategy can help organization to enhance penetrate into new market, enter into new market, increase brand awareness and improve on their market share. The results of the study indicated that organizations should pay adequate attention to each elements of diversification and growth strategy such as market penetration, market development, brand awareness creation and market share enhancement in order to achieve sustainable competitive advantage in the business environment. Hence, this study recommended that the management should constantly seek to produce new product due to the changing needs of consumers in the dynamic business environment. This is the only way organization can keep relevance with potential and current customers and experience increase in its market share.
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