diversify
verb [ I or T ]
uk/daɪˈvɜːsɪfaɪ/ us COMMERCE
to start to produce a range of different types of products or services, in order to succeed in more markets or protect yourself against risk:
Farmers are increasingly diversifying into other activities to supplement their incomes.
Using its powerful brand name, the company has successfully diversified and entered new markets.
It would be a good idea to diversify the local economy away from its present over-dependence on oil.
FINANCE
to put money into a range of different types of investments in order to reduce risk:
He said he bought the shares in 2003 in order to diversify his portfolio.
You could consider diversifying into a unit trust to spread the risk.
diversification
noun [ U or C ] uk/dɪˌvɜːsɪfɪˈkeɪʃən/ us/dɪˌvɝː-/
COMMERCE, FINANCE
The launch of new products and diversification into new business areas continue to boost sales.
Successful farm diversifications are launched by highly motivated people.