Question

Richard could see the demand for towable recreational vehicles declining so beginning in the early 1970s he used his equipment, employees, and professional network to design and build utility trucks, a more recession-resistant industry.? this is an example of: (page 67) serendipity. diversification. innovative thinking market ideas.

Answer 1

Answer: Diversification

Step-by-step explanation:

Diversification refers to the process of enlarging the range or products, processes or field of operation in the attempt to minimize risk and maximize profits. Richard could see the demand for tow-able recreational vehicles declining so beginning in the early 1970s he used his equipment, employees, and professional network to design and build utility trucks, a more recession-resistant industry. Thus, Richard's act of varying the product from tow-able recreational vehicles to building utility trucks is an example of diversification.