Diversification refers to expansion of existing services to new products and markets aiming to fully exploit existing expertise and to tap into new markets to create long-term competitive advantage.
Growing competition requires action
Owing to increasing competition in many industries, being able to fully exploit market potential within your area of expertise and technology is becoming ever more important. For businesses whose growth potential is restricted within current markets in particular, a rim over the teacup can be extremely beneficial. Often, there is untapped potential to be discovered in adjacent or even entirely new markets.
Tapping into new markets and products leveraging existing expertise
The Fraunhofer IPT shows you how to best use your business’s technologies and expertise to tap into new markets or expand on existing markets expediently. We work on diversification projects in cooperation with KEX AG, our partner, to be able to pool expertise we have in Aachen in the best possible way for you. We first carry out a detailed analysis of your current technological foundation. Based on this, we identify potential new markets you might serve using your current expertise and analyze if your portfolio for current markets can be broadened by expanding your expertise. In the following, we assess how attractive the identified options for diversification are for your business and that way provide you with a solid foundation for your decision-making.
- Analyzing existing technology and expertise in your business
- Identifying potential options for diversification, i.e. more attractive products and markets both by expanding your expertise and tapping into new markets
- Assessing attractiveness of options for diversification and deriving measures for implementation
- Implementing diversification (exploring new technology)
- Implementing diversification (tapping into new markets)