BUS225_Project_Four

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Southern New Hampshire University *

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225

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Business

Date

Feb 20, 2024

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docx

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3

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1 Project Four: Press Release Dianna Sheely Southern New Hampshire University BUS 225: Critical Business Skills for Success Cynthia Daniel June 21, 2023
2 Project Four: Press Release Let's go boating! It's time to expand our reach into the leisure boat engine manufacturing industry. Low automotive engine sales don’t equate to increased profits; therefore, we need to branch out into a market that offers growth. The leisure boating industry is growing more now than it has since 2008. The industry is hot and wide open for new expansion. By expanding our engine manufacturing options to the boating industry, we can expect to increase company revenue and growth in the future. The automotive industry is stagnant, with sales currently lower than pre-pandemic levels dropping from $44 billion in 2019 to $40.4 billion in 2023. Although there is an expectation that sales will begin to pick up, they remain flat. Meanwhile, the desire for leisure boating and water sports was rebirthed during the pandemic and is not cooling! More people are looking for outdoor activities, and water sports seem to capture many generations, with revenue projections of an increase of 1.4% over the next five years to $37.5 billion. The current strategy involves concentrating on domestic markets, specifically those situated near the coasts. This approach will assist us in determining the potential for success before expanding our presence nationwide. With few major players in the leisure boating industry, this diversification will allow our company to increase our customer base and add sales revenue to our already successful automotive engine manufacturing. In addition to securing a portion of the estimated sales in a continuously growing market, we aim to establish a foundation for future expansion. Now is the perfect time to establish this new branch for our company. By leveraging our prosperous automotive engine manufacturing business, using our current resources, and integrating this ideal complement of boat engine manufacturing, we can position the company for long-term and sustainable expansion. As the automotive industry continues to bounce back, the addition of this new branch will only make us stronger. For more information, contact: Dianna Sheely, Sales Department Manager
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