Jurnal Ekonomi
Vol. 11 No. 03 (2022): Jurnal Ekonomi, 2022 Periode Desember

PRODUCT DIVERSIFICATION: MARKETING MANAGEMENT STRATEGY FOR BUSINESS GROWTH

Ismail Razak (Unknown)



Article Info

Publish Date
30 Dec 2022

Abstract

In an era of globalization and increasingly fierce competition, companies are required to continue to innovate and adapt their product portfolio to changing market needs. Product diversification has been recognized as one of the main approaches to achieving sustainable business growth. This research aims to investigate the role of product diversification strategies in increasing business growth through implementing effective marketing management. This research uses a qualitative approach with descriptive methods. The research results show that product diversification is effective as a marketing management strategy for business growth. By diversifying the product portfolio, companies can be more responsive to changing market needs, increase competitiveness, and manage risk by mitigating negative impacts on business performance. Innovation and creativity in product development are the keys to creating added value and overcoming competition. In addition, effective marketing of product diversity can increase consumer awareness, expand market share, and build a strong brand image. The research results confirm that product diversification is not only an adaptation measure, but also a proactive strategy that supports sustainable growth and sustainability of the company's business.

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Journal Info

Abbrev

Ekonomi

Publisher

Subject

Economics, Econometrics & Finance

Description

Jurnal Ekonomi [p. ISSNĀ 2301-6280, e. ISSNĀ 2721-9879] is a peer-reviewed journal published Half times a year (June, and December) by SEAN Institute. Jurnal Ekonomi is intended to be the journal for publishing articles reporting the results of economics research. Jurnal Ekonomi invites manuscripts ...