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When we talk about growing the company, then the question arises in our mind that how can we increase our company. The company can be expanded in two ways.
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Line Expansion – In line extension, the same company sells its different products under the same name. In this way, the main objective of the company in an expansion is to bring such products to its customers which can fulfill their needs which are not being met by their current products.
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For example, take a detergent company that makes washing bars, washing brushes, washing liquids, hand wash or other things under the same brand name.
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Diversification – In diversification, a company launches its new products in new markets. The new products that come out in this type of expansion have nothing to do with the original product of the company.
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Take for example the Tata company. We find many products of Tata in the market such as salt, cement and other equipments.
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Let us see how these expansions are harmful to your company. As the company grows, the company has to face new markets. In the new market, new competitors are created and it becomes difficult to handle so many competitors at once.
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By expanding the company, the company loses its focus and because its focus is not in one place, so it slowly starts moving towards losses.
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