Description of Problem

The problem is that our American-based firm, which makes engines for the automobile manufacturing sector, wants to expand its clientele and boost income by offering our engines in a different market. Finding a fresh, lucrative business that has room for expansion is necessary.

Description of the Current U.S. Automotive Industry

The automotive sector is an industry that has long been a cornerstone of the American economy, providing employment to a staggering number of individuals and contributing vastly to the nation's financial activity.The sheer magnitude of its impact cannot be understated, with the latest calculations pegging the total worth of this industry at an astronomical $880.4 billion as of 2020 (Seiler, 2023). This figure takes into account not just the actual making and vending of cars but also encompasses associated industries like auto parts production, vehicle financing, and the provision of repair services(Seiler, 2023). In essence, the automotive industry is not just a singular entity but rather a network of interdependent sectors, each playing a vital role in maintaining the whole system's momentum.

Current Automotive Market Trends

The intricate and multifaceted US automotive industry can be divided seamlessly into several regions, with the Midwest region holding the colossal automotive production hub title. Geographically encompassing states such as Michigan, Ohio, and Indiana, this region boasts numerous major automakers and auto parts suppliers, essential for propelling the industry's growth (Ravishankar et al., 2019). It is worth noting that, aside from the Midwest, other regions equally exhibit outstanding automotive production, including the South and the ever-radiant West Coast.

As far as fuel types, gas-powered vehicles actually overwhelm the market, with electric and hybrid vehicles making up a more modest level of deals. Nonetheless, there has been a developing pattern towards electric and hybrid vehicles as of late, determined by variables for example, rising fuel prices, environmental concerns, and government incentives (Ravishankar et al., 2019). Numerous automakers are putting vigorously into electric and hybrid vehicle innovation, and it is normal that these vehicles will turn into an undeniably significant piece of the car business before long.

Description of the New Industry

In contemplating potential industries to delve into, we are placing our diligent focus on the aerospace sector, with a particular emphasis on the small jet engine market.

Current Market Trends in the New Industry

Demand for air travel has significantly increased recently, particularly in developing economies, according to the aerospace industry. The industry is expanding quickly as a consequence. The market for tiny jet engines is one sector that has had significant growth; here, there is a tendency toward developing more fuel-efficient engines with reduced emissions (Sarvankar & Yewale, 2019). For the future of air travel and the environment, this shift towards eco-friendliness is encouraging.

Appendix A Explanation from Porter's Five Forces Analysis of the New Industry

The threat of new entrants: Since developing and manufacturing jet engines requires a significant financial commitment and a high level of technical know-how, the danger of new entrants is minimal.

Bargaining power of suppliers: Due to the specialized nature of jet engine components and the small number of suppliers, suppliers have significant negotiating power.

Bargaining power of buyers: Due to the limited number of clients in the market and their ease in switching providers, buyers have a significant amount of bargaining power.

The threat of substitutes: Since there are no practical alternatives to tiny jet engines for aeroplane propulsion, substitutes are minimal.

The intensity of competitive rivalry: With multiple large participants in the industry, including GE Aviation, Pratt & Whitney, and Rolls-Royce, the level of competitive rivalry is moderate.

Appendix B Summary of Findings from Porter's Five Forces Analysis Comparing Both Industries

The threat of new entrants: Due to the high level of competitiveness and the sizeable capital expenditure needed to start manufacturing operations, the danger of new entrants in the automobile industry is moderate.

Bargaining power of suppliers: Suppliers' bargaining power is limited due to the availability of several suppliers for automotive components.

Bargaining power of buyers: Due to the enormous number of consumers in the market and their ease in switching brands, buyers have much negotiating power.

The threat of substitutes: Due to the availability of other forms of transportation and the possibility for new technology to upend the market, the danger of substitutes is mild.

The intensity of competitive rivalry: With multiple significant companies in the market, including General Motors, Ford, Toyota, and Honda, the intensity of competitive rivalry is strong.

Our organization should consider expanding into the aerospace industry after completing a complete analysis of the automotive and aerospace sectors. The small jet engine sector, in particular, shows promise for development and gives an opportunity for our firm to increase its range while encountering less competition than in the automotive industry. The potential for success of this new enterprise is further supported by the fact that the aerospace sector as a whole is expanding as a result of the rising demand for air travel. Our business may boost revenue and set itself up for long-term success by capitalizing on this expansion and exploiting our current competence in engine manufacturing.

Appendix A

Appendix B

Provide a visual for each section .... line graph, pie chart, etc......

Using the research gathered in Project One, provide a visualization for each of the following, then summarize what the data is showing:

1. The current state of the U.S. automotive manufacturing industry
   1. Sales by fuel type (electric, hybrid, gas)
2. Current automotive industry trends
   1. The trend toward different types of motors for the vehicles being made and sold, such as electric and hybrid
   2. Trends in customer demands such as vehicle color, extra features, and styles
   3. Trends in the body types of vehicles sold (SUVs, trucks, sedans)
3. Trends in the new industry
   1. Expected growth areas
   2. Sales by type of products or ser