First And Last Name Instructors December 10, 2021 BUS 225 P

First And Last Nameinstructors Namedecember 10 2021bus 225 Project F

First And Last Nameinstructors Namedecember 10 2021bus 225 Project F First and Last Name Instructor's Name December 10, 2021 BUS 225 Project Four Press Release “WRITE AN ATTENTION-GRABBING HEADLINE THAT SUMMARIZES WHAT YOUR COMPANY IS DOING. CONSIDER FORMATTING YOUR HEADLINE IN ALL CAPITAL LETTERS.” “First, draft a strong lead sentence. This will be the first sentence of the opening paragraph for your press release. Now, in 2–3 sentences, describe the key points that you would like external audiences to understand about your company’s new diversification strategy.” “Provide an overview of the diversification strategy you recommended.” “Describe the current or future dilemma that led you to decide the company needs to diversify and explain how diversification will solve this problem.” “Identify where in the marketplace the new product is launching and why the company decided to launch in those areas.” “Describe who benefits from this product in both the company and the community.” “Close by summarizing the who, what, when, where, and why of your plan. For more information, contact: “State your name”, Sales Department Manager.

Paper For Above instruction

The task involves creating a compelling press release for a company's diversification strategy, emphasizing an attention-grabbing headline, a strong lead sentence, and a clear description of the strategy’s rationale, target market, benefits, and key details. The goal is to communicate effectively the essence and purpose of the company's new direction to external audiences in a concise, persuasive manner.

To craft a successful press release, the headline must be impactful and formatted in all capital letters to attract attention immediately. It should summarize the core activity or innovation of the company, creating intrigue and interest among stakeholders and media outlets. Following the headline, the lead sentence should succinctly highlight the main point or announcement, setting the tone for the rest of the release.

The subsequent paragraphs should elaborate on the specific diversification strategy recommended. This involves describing the key elements of the plan and how it aligns with the company’s long-term vision. It is essential to explain the underlying dilemma or market challenge that prompted the company to pursue diversification. This might relate to declining sales, market saturation, technological changes, or emerging opportunities. Clarifying how the new strategy addresses and resolves these issues demonstrates strategic thinking and proactive management.

Identifying the targeted marketplace areas for the new product launch is crucial. The choice of location and market segment should be justified, considering factors such as market demand, competitive landscape, and geographic advantages. Explaining why these areas were selected highlights understanding of market dynamics and strategic planning.

Additionally, the release should specify who benefits from this new product or diversification—both within the company (such as shareholders, employees, or management) and the community (local economies, consumers, or specific demographic groups). This underscores the broader social and economic impact of the strategic move.

Finally, the closing paragraph should succinctly summarize the who (stakeholders involved), what (the product or strategy), when (timeline or launch date), where (market or geographic location), and why (the purpose and anticipated benefits). Contact information for further inquiries, including the spokesperson’s name and role, lends professionalism and credibility.

In essence, this press release aims to inform and excite external audiences about the company's strategic diversification, emphasizing clarity, relevance, and persuasive storytelling.

References

1. Kaplan, R. S., & Norton, D. P. (2001). The Strategy-Focused Organization: How Balanced Scorecard Companies Thrive in the New Business Environment. Harvard Business Press.
2. Porter, M. E. (1985). Competitive Advantage: Creating and Sustaining Superior Performance. Free Press.
3. Hitt, M. A., Ireland, R. D., & Hoskisson, R. E. (2017). Strategic Management: Concepts and Cases. Cengage Learning.
4. Grant, R. M. (2019). Contemporary Strategy Analysis. Wiley.
5. Barney, J. B., & Hesterly, W. S. (2015). Strategic Management and Competitive Advantage: Concepts and Cases. Pearson.
6. Thompson, A. A., Peteraf, M., Gamble, J. E., & Strickland, A. J. (2018). Crafting & Executing Strategy: The Quest for Competitive Advantage: Concepts and Cases. McGraw-Hill Education.
7. Kim, W. C., & Mauborgne, R. (2015). Blue Ocean Strategy: How to Create Uncontested Market Space and Make the Competition Irrelevant. Harvard Business Review Press.
8. Christensen, C. M. (2013). The Innovator's Dilemma: When New Technologies Cause Great Firms to Fail. Harvard Business Review Press.
9. Prahalad, C. K., & Hamel, G. (1990). The Core Competence of the Corporation. Harvard Business Review.
10. Birkinshaw, J., Hamel, G., & Mol, M. J. (2008). Management Innovation. Academy of Management Review, 33(4), 825–845.