1 Project One: Executive Summary Tierra Estes Southern New Hampshire University BUS 225: Critical Business Skills for Success Professor Jones September 17, 2023
2 Project One: Executive Summary Problem The company needs to diversify to generate new revenue. Diversifying will allow the company to tap into a new profit. Diversifying will also help the company with its portfolio. Adding a new product will enable the company to expand its knowledge and tools and add them to another industry. This will let more people know about the company because it has a new platform. Diversifying the company will solve any financial problems the company may be facing. Expanding into a new industry will bring more profits for the company. It will also help keep the company relevant. Keeping up with the times and tapping into a new sector will allow the company to stay in the eyes of consumers and let them know that the company is not just good at one thing but many. The quantitative data I will use to research the current auto and public transportation industries will be surveys, sampling, sales, and profit reviews. For qualitative data, I will use focus groups, group interviews, questionaries, and observations of the industries. Automotive Manufacturing Industry The automotive industry is lucrative, with 1.2 trillion in total car sales; of those sales, 13.5 million are in new car sales in 2022 (Alliance, 2023). With this lucrative industry comes job opportunities. The auto industry created 9.6 million jobs in 2022 (Alliance, 2023). 4.90% of people depend on auto industry jobs (Alliance, 2023). This is a significant plus for the automotive industry. Not only are they creating cars for consumers, they are also creating millions of jobs for the communities they reside in. Of those 1.2 trillion in auto sales, 307.4 billion came from the southeast region, followed by 235.90 billion in the northeast region, 230.9 billion in the Midwest region, 242.2 billion in the western region, and 185.3 billion in the southwest region (NADA, N.D.) In 2022, of the registered vehicles, 35.43% were cars, 36.36% were UVs, 20.82% were pickup trucks, and 5.54% were vans/minivans (Alliance, 2023). With cars leading the sales, it is no wonder that there are 150,346 gasoline stations (Alliance, 2023). Gas stations are everywhere, and although more people are looking to convert to electric cars gas, gasfifilled cars are still leading the types of vehicles consumers buy. Ice/hybris cars totaled 98.91% of all registered vehicles in 2022. Electric vehicles at 0.76%, plugfiin hybrids at 0.33%, and fuel cells at 0% (the sales were not enough to be calculated in a percentage) (Alliance, 2023). In 2022, of the new vehicles consumers purchased, 55.98% were UVs, 20.77% were cars, 19.21% were pickup trucks, and 4.04% were vans/minivans (Alliance, 2023). Although most vehicles registered in 2022 were cars, the number of new vehicles purchased was UVs. Of the new vehicles purchased in 2022, ice/hybrid leads the way with 93.02% of the sales; following behind is electric with 5.6%, plugfiin hybrid at