Implementing Product Diversification Strategies: A Construction Industry Perspective
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Authors
Beciril, Laarni
Issue Date
2021-04-09
Type
Other
Language
en_US
Keywords
Construction industry , Product diversification strategies
Alternative Title
Abstract
In order to sustain their long-term competitiveness, construction companies are under constant pressure to strategically realign their businesses to adapt to changes in market dynamics. Risk is endemic to construction industry and product diversification has been found effective in achieving economic stability in construction companies. Construction chemicals play a major role in the construction industry and hence, their diversification is crucial to the success of operations. Construction chemicals, also known as dry mortars, belong to specialty chemicals that are used in construction industry to provide high quality performance and durability to structures. This study details a real-life example of: How product diversification can be initiated; How fast and efficiently organizations can respond to changing market and capital needs while growing this new product line.