What strategy should Cloud Kicks explore to increase market share?

To increase market share, exploring the strategy of diversifying product offerings is effective because it allows a company to reach new customer segments and address various needs that may not currently be met by its existing products. By introducing new products, Cloud Kicks can attract different demographics and tap into different market trends, which can lead to increased sales and a broader customer base.

Diversification can also mitigate risks associated with reliance on a limited range of products. If the market for existing products becomes saturated or declines, having a diverse product portfolio can provide alternative revenue streams and reduce vulnerability to market fluctuations. Additionally, new offerings can create excitement in the market and enhance brand perception, further contributing to market share growth.

In contrast, strategies such as deepening customer engagement or improving customer service focus more on improving the customer experience with existing products, which may not directly lead to an increase in market share. While those strategies can enhance loyalty and retention, they don't necessarily attract new customers. Reinvesting in existing products can maintain or slightly improve market share but may not be sufficient to capture new segments or leverage emerging market opportunities.