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IMHO - Search engines look for content that is 'tightly themed' So the more specific it is the better, however using various pages can work as well.
User your homepage as a main lead generator on a main keywordphrase. - The answer to your question depends on the level of competition, how competitive is the markets you are trying to reach? If its very competitive then its best to split them up.
Also if they are completely different subjects then it would be advised to have on seperate sites. You can look at creating directories on your main server for each subject- this works for me at present and I can go to my root folder and access any site I want. They all have different domains, links and page ranking.