PRODUCT DIVERSIFICATION AS A FACTOR IN THE IMPLEMENTATION OF AN INNOVATION STRATEGY
The theoretical part considers the essence of product diversification and defines its role in the theory of economic growth. The classification of types of diversification is given, the main advantages and disadvantages of its application are revealed. In the practical part, an analysis of the development of the economy of the Republic of Belarus was carried out, as a result of which its high dependence on the results of the work of a narrow group of industries was revealed. As a factor in increasing the sustainability of economic growth, a policy of product diversification is proposed, considered on the example of the activities of a particular enterprise. In particular, measures are recommended to modify the technical process, which will increase the output of products with improved quality characteristics and higher added value for the needs of a related industry (in the given example, the use of food products in pharmaceuticals). The economic effect of implementation is presented.