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the Mickey Mouse silhouette can now be found on toys, clothes, books, stationery, and a multitude of other products. Disney has diversified not through its key skills--after all, running a theme park or a cruise ship has little in common with making a cartoon--but through its audience. The people who go to Disney's theme parks or buy its branded clothes are the same people who enjoy watching its cartoons and movies. This strategy--launching completely different products, aimed at existing customers--is horizontal diversification in action.