To Diversify the Products, means expanding the original market for that product. Diversification is generally done for increasing the sales of the existing product. It can be done by many ways, some of the steps that can be taken are following
- Repackaging - Company can change the packaging , the manner in which it was delivered to customers can be changed.
- Renaming - Existing product can be sold in the market after renaming the product along with some different packaging.
- Repricing. - Next steps that can be done, is price change along with some product changes, and then re positioning it again, through different channel.