Date of Conferral
2022
Degree
Doctor of Business Administration (D.B.A.)
School
Business Administration
Advisor
Inez Black
Abstract
Business leaders who lack an understanding of the proper strategies to successfully implement product diversification risk decreasing competitive advantage, causing loss of economy constancy and organizational profitability. Grounded in Porter’s five forces of competitive advantage, the purpose of this qualitative multiple case study was to explore strategies small business leaders used to effectively diversify their products to achieve and sustain a competitive advantage. Participants included three retail business leaders who employed fewer than 15 employees and have successfully used product diversification strategies to sustain and maintain a competitive advantage in the District of Columbia, Maryland, and Virginia areas. Data were collected through semistructured interviews and internal company documents. The data were analyzed thematically using Yin’s five-step process. Five themes emerged: hiring talented leaders or employees, operating business at low cost, customer-centric decision making, market-trend orientation, and complementary products and services. A key recommendation is that small business leaders should always strive to use a decision-making framework to achieve sustainability and growth, which could contribute to healthy economic conditions through industrialism, commercialism, high employment rates, and scarcity alleviation. The positive social change could result from small businesses implementing product diversification, providing additional businesses to local communities, and potentially improving the quality of life for local community members.
Recommended Citation
Nouteya-Jackson, Madeleine solange, "Small Business Strategies to Implement Product Diversification Effectively" (2022). Walden Dissertations and Doctoral Studies. 13653.
https://scholarworks.waldenu.edu/dissertations/13653
