What are the Challenges of Market Diversification?
Despite its benefits, market diversification comes with its own set of challenges:
Regulatory Barriers: Different countries and regions have varying regulatory requirements, which can complicate market entry. Cultural Differences: Understanding and adapting to local cultures and business practices is essential for success in new markets. Technological Adaptation: Existing catalytic processes may need to be modified to meet the specific needs of new applications or industries. Resource Allocation: Diversification efforts require significant investment in terms of time, money, and human resources.
