Firms that have selected a related diversification corporate-level strategy seek to exploit core competency.
Some firms which are engaged in the related diversi fication aim to develop and exploit a core competency to become more successful.
A core competency is a that skill set which is difficult for competitors to imitate. It can be leveraged in the different businesses, and contributes to the benefits enjoyed by customers within each business of the organization.
Related diversification occurs when any firm moves into a new industry which has important similarities with the firm’s existing industry or business lines.
For example: Firm is in the information business, since in 2014 it purchased the who is a a maker of solar-powered drones is an example of related diversification.
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