Scenario
Your presentation to stakeholders was wildly successful and the company has determined that it is in their best interest to move forward with the diversification strategy you recommended. Since you did so well with the presentation, company leadership has asked you to prepare a draft of the press release to announce this new strategy. Your press release is meant for the external audience that was not represented at the all-stakeholder meeting. This audience includes customers, vendors, suppliers, and the general community.
Directions
Complete the Project Four Template and submit it for instructor feedback.
Using the template provided in the What to Submit section below, draft a press release that reflects your company’s new venture and how it affects the general audience. Your press release should address the following rubric criteria:
Construct an external press release.
Construct an external press release that addresses the key points appropriate for external audiences.
Summarize the diversification decision.
Summarize the diversification decision appropriately for external audiences.
Explain why the decision was made.
Summarize why the decision was made in a manner appropriate for external audiences.
Explain where in the marketplace the new products are launching.
Summarizes where in the marketplace the new products are launching for external audiences.
Identify who benefits from this product in both the company and the community.
Summarize who benefits from this new product in both the company and the community appropriately for external audiences.
Sample Answer
FOR IMMEDIATE RELEASE
[Company Name] Announces Major Strategic Diversification to Enhance Value and Meet Evolving Consumer Needs
[City, State] – [Date] – [Company Name] today announced a significant expansion of its business model through a new diversification strategy, introducing a complementary line of products designed to better serve our loyal customers and enter dynamic new markets. This strategic move follows a successful presentation and unanimous approval from company leadership and stakeholders.
Summarizing the Diversification Decision
[Company Name] is officially launching its entry into the [New Industry/Product Category Name, e.g., Sustainable Home Technology] sector. This diversification represents a natural, yet powerful, evolution of our existing mission, leveraging our core strengths in [mention a core strength, e.g., precision engineering or customer-centric design] to introduce high-quality, innovative new offerings. The new product line, tentatively titled the "[New Product Line Name, e.g., Eco-Solutions Series]," will complement our traditional business of [mention old business, e.g., high-performance industrial components].
Why the Decision Was Made
This decision was driven by a commitment to long-term stability and value creation for our customers and partners. We recognized that the marketplace is rapidly changing, and consumers are increasingly demanding solutions that are [mention a desired trait, e.g., integrated, sustainable, or personalized]. By diversifying into this adjacent market, [Company Name] is proactively mitigating future industry risks, securing our position as an innovator, and ensuring we can continue to serve you, our valued audience, with relevant, cutting-edge products for decades to come. Simply put, this move is about building a stronger, more resilient future together.
Where in the Marketplace the New Products are Launching
The new [New Product Line Name, e.g., Eco-Solutions Series] will initially be rolled out across the [Specific Geographic Market, e.g., North American and Western European] marketplaces, focusing on the [Specific Channel, e.g., direct-to-consumer digital channels and specialized retail partners].
Specifically, the products are targeting the growing segment of customers who prioritize [mention market driver, e.g., energy efficiency, smart integration, or ethical sourcing] in their purchasing decisions. We believe this targeted launch strategy allows us to quickly establish market share while maintaining the rigorous quality standards our existing customers expect.