Question

You are a marketing team for a small clothing company that specializes in athletic wear. Your company has been successful in recent years, but you are looking to diversify your product offerings to expand your customer base and increase revenue. Your team has been tasked with developing a diversification strategy for the company. - You are required to with your team to develop a diversification strategy for the clothing company. given the following: -

1 . The company specializes in athletic wear for men and women. -
2 . The company's target market is active individuals between the ages of 18-35. -
3 . The company has a strong social media presence and sells primarily online.
4 . - The company's revenue has plateaued in recent years, and they are looking to diversify its product offerings to increase revenue. In developing your answer consider the different product offerings and target markets.

Answer 1

To diversify the clothing company's product offerings, consider expanding into casual wear for all ages and eco-friendly athletic wear. Leverage social media and influencers to reach a wider audience.

Step-by-step explanation:

To develop a diversification strategy for the clothing company, you can consider expanding into new product offerings that cater to different target markets. One option could be to introduce a line of casual clothing for everyday wear, targeting individuals of all ages. This would help broaden your customer base beyond the 18-35 age group and potentially increase revenue. Another strategy could be to focus on eco-friendly and sustainable athletic wear, as there is a growing demand for environmentally conscious products. This would appeal to customers who prioritize sustainability and could create a unique selling proposition for your company.

Furthermore, you can explore partnerships with fitness influencers or athletes to promote your products on social media. This would leverage your strong social media presence and help reach a wider audience. By diversifying your product offerings, you would be able to attract new customers and potentially increase revenue.