Defining your "Where to play
Understanding the challenges of diversification

Before embarking on an all-out strategy, it's a good idea to define the territory or territories that are best suited to the creation of sustainable value propositions. This can be done by starting with the current markets known and served by the organization, then looking at the "adjacencies", whether in terms of markets or products, and finally imagining new markets or new products.

The Ansoff matrix, of which there are many explanations in the literature, can help you structure your thinking.