For This Journal Entry, You Will Select The New Industry ✓ Solved

For this journal entry, you will select the new industry tha

For this journal entry, you will select the new industry that you think would be a good fit for your company. In your journal, respond to the following questions:

a. Discuss why your company should consider diversifying into your selected industry. b. Prior to doing your research and analysis, what are your thoughts about how your company could expand to take on this new industry? c. What questions do you have regarding where to get the information and data required for the projects? d. Do you think this industry will have adequate data available for your research and data collection?

Paper For Above Instructions

Introduction and chosen industry context

The journal entry centers on diversification into solar energy and broader renewable energy solutions, including solar PV manufacturing, energy storage integration, and associated services. The firm considered is a mid-sized electronics and automation equipment manufacturer with established capabilities in precision manufacturing, embedded control systems, and global supply chain management. The renewable energy sector has experienced sustained growth driven by policy support, technology maturation, and ongoing cost declines (IEA, 2023; IRENA, 2023). This context suggests a meaningful opportunity to leverage core competencies—electrical design, power electronics, reliability engineering, and global logistics—to enter a market with structural tailwinds rather than cyclical volatility. In evaluating strategic fit, the alignment with decarbonization goals and the potential for adjacent revenue streams are central to the case for diversification (Porter, 1985; Teece, 1988). The objective is not simply to chase a trend but to create a durable, capability-driven expansion that strengthens the firm’s overall competitive position (Porter, 1985; Christensen, 1997).

Rationale for diversification into renewable energy solutions

Strategic approach to expansion and growth options

Information needs and data availability for the project

Data availability assessment and anticipated challenges

Implementation plan and milestones

Risk management and governance considerations

Conclusion

References

• Porter, M. E. (1985). Competitive Advantage. Free Press.
• Christensen, C. M. (1997). The Innovator's Dilemma. Harvard Business School Press.
• Teece, D. J. (1988). Profiting from technological innovation. Research Policy, 18(3), 285-305.
• International Renewable Energy Agency (IRENA). (2023). Renewable Capacity Statistics 2023. Abu Dhabi, UAE: IRENA.
• International Energy Agency (IEA). (2023). World Energy Outlook 2023. Paris, France: IEA.
• REN21 Secretariat. (2023). Renewables 2023 Global Status Report. Paris, France: REN21.
• U.S. Energy Information Administration (EIA). (2023). Annual Energy Outlook 2023. Washington, DC: U.S. EIA.
• McKinsey & Company. (2021). Global energy perspective: The decarbonization challenge. McKinsey & Company.
• BloombergNEF (BNEF). (2022). Energy Transition Outlook 2022. Bloomberg Finance L.P.
• PwC. (2023). Global Energy Report 2023: Powering the energy transition. PwC.