Application of the diversification strategy in the field of essential oil crops grown in the Northeastern region of Bulgaria

Gergana Slavova (), Mihaela Todorova () and Natalia Petrova ()
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Gergana Slavova: University of Economics - Varna, Varna, Bulgaria
Mihaela Todorova: University of Economics - Varna, Varna, Bulgaria
Natalia Petrova: University of Economics - Varna, Varna, Bulgaria

Izvestia Journal of the Union of Scientists - Varna. Economic Sciences Series, 2025, issue 1, 97-107

Abstract: Applying strategic thinking and management in business, in our opinion, is one of the key factors for success. This includes not only the right selection of strategies but also excellent market analysis, as well as the use of the right methods for it. In the field of growth strategies for a given company or region, the diversification strategy and its subtypes, in our opinion, are one of the main and most successful strategies, part of the strategic management of successful businesses and companies. Therefore, the objective we set ourselves in this article is directly related to the implementation of a diversification strategy for the cultivation of essential oil crops in northeastern Bulgaria, as well as identifying the main prerequisites for growing these crops and diversifying their processing and use in the pharmaceutical, cosmetics, and perfume industries. The methods we have used are: analysis, synthesis, induction, deduction and interview method. The results we obtain, in our opinion, will be of interest to both scientific circles and farmers.

Keywords: strategic management; diversification; lavender production; essential oil crops (search for similar items in EconPapers)
JEL-codes: O13 O32 Q12 Q13 (search for similar items in EconPapers)
Date: 2025
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