Press releases serve multiple functions in a business context: 1. Brand Awareness: They help in spreading the word about your company and its activities, enhancing brand visibility. 2. Credibility: Being picked up by reputable media outlets adds a layer of credibility and trust. 3. Engagement: They keep stakeholders, including customers, investors, and employees, informed and engaged with the company's progress. 4. SEO Benefits: Online press releases can improve your website's search engine ranking.