Richard could see the demand for towable recreational vehicles declining, so beginning in the early 1970s he used his equipment, employees, and professional network to design and build utility trucks—a more recession-resistant industry. this is an example ofa. serendipity. b. diversification. c. innovative d. thinking market ideas.

The correct answer is Diversification.

Explanation:

It is known as diversification to the process by which a company goes on to offer new products and re-enters through corporate acquisitions or by investing directly in new businesses. There are two types of diversification depending on whether there is some kind of relationship between the company's old and new businesses. The reason why companies diversify is the search for synergies or a reduction in the overall risk of the company. Diversification is one of the four market strategies defined in the Ansoff matrix.