Strategic Diversification and Societal Outcomes: Moving Beyond Firm Performance to Social Impact

While most research (e.g., Buzhymska et al., 2024; Wanger et al., 2024; Bisht et al., 2025) focuses on the internal benefits of diversification, there’s a growing recognition that scope decisions have ripple effects on communities, ecosystems, and public goods. This idea proposes a mixed-methods approach to assess how different diversification strategies—such as sustainable tourism offerings or agricultural crop diversity—influence ecological resilience, food security, or educational attainment. By incorporating stakeholder theory and sustainability metrics, this work would broaden the scope of strategic management, positioning diversification as a potential driver of positive societal change and not just private gains.

References:

1. Impact of diversification on strategic business management. K. Buzhymska, I. Tsaruk, Svitlana Biriuchenko, Olha Pashchenko, Ihor Svitlyshyn (2024). Scientific Bulletin of Mukachevo State University Series "Economics.
2. Co-benefits of agricultural diversification and technology for the environment and food security in China.. T. Wanger, Estelle Raveloaritiana, Siyan Zeng, Haixiu Gao, Xueqing He, Yiwen Shao, Panlong Wu, K. Wyckhuys, Wenwu Zhou, Yi Zou, Zengrong Zhu, Ling Li, Haiyan Cen, Yunhui Liu, Shenggen Fan (2024). Nature Food.
3. Sustainable tourism management: Challenges and strategic solutions for a resilient industry. Ajay Bisht, Vipan Kumar, Virochan Thakur, Rahul Rana (2025). International journal of tourism and hotel management.