Research Topics Essay Example | Topics and Well Written Essays - 750 words

Research Topics - Essay Example ere must be adequate market study to identify the specific needs of customers and innovatively deliver products and services that meet identified needs. Diversifying production means that the company will acquire new markets, reinforce the existing ones and also have a backup plan in case one business venture fails. Companies that rely on only one product are at risk of succumbing to market pressure and have no alternative in case of business uncertainty. This paper aims at exploring the identifiable advantages that are associated with diversifying production. By focusing on Outsurge Company, the paper will outline the perceived opportunities for diversity in the technology industry. This will be through a review of literature concerning production diversification and making a comparison between Outsurge and other technological companies. Results of this will be identification of advantages of diversity in production and hence the ways forward for a company like Outsurge. Diversity is a tool for success in any form of business that deals with production. According to Cornell and Thomas (2013), it not only scale up the company’s financial strength but also significantly contribute to the performance and hence market relevance. This project will use the theory of production which explains the principles that a business use to decide how much of each of their commodities they will put into the market and how much input they have to consider. The paper will also connect diversity to the theory of cost and production functions in order to link the basis for decision making in production and product diversity. According to a report by USDA in 2001, diversification helps explain the differences in variability level of income among different firms. Ivanova (2011) said production of multiple outputs helps in increasing sales and consequently the economic performance. This fact does not only apply to big production firms or agricultural production companies; it is also