Great Lakes: Great Decisions Essay

2018 words - 9 pages

Great Lakes: Great Decisions
Business Administration Capstone
April 9, 2011

This paper addresses the company of Great Lakes along with one of its subsidiaries Octel and its’ place in the industry regarding the production of the chemical lead additive tetraethyl lead (TEL). According to a Chemical and Engineering News Journal (2006) article, “Octel was spun out of Great Lakes Chemical in 1997, with a mandate to manage the declining business of making and supplying TEL” (p. 26). In doing research, I found that Octel went through some transformation over the years and according to the Chemical and Engineering News Journal article (2006), Octel changed its name and “is now known as ...view middle of the document...

Describe how Great Lakes will be affected by each of these external factors.
Social/Demographic Segment

Hitt et al. (2011) stated that “the socio-cultural segment is concerned with a society’s attitudes and cultural values” (p. 46) and “the demographic segment is concerned with a population’s size, age structure, geographic distribution, ethnic mix, and income distribution” (p. 43). Based on that definition, there is very little impact of the demographic segment regarding the continued use of TEL in the world. The use of TEL in gasoline products is not specific to the demographics of the world and the five most populous nations in the world already ban the use of lead in their nations. So this segment does not provide the company with any opportunities to expand their market share regarding the sale of TEL. The use of TEL has been found to directly affect the population as documented by Hitt et al. (2011, p.157) indicating that studies showed a direct impact of leaded gasoline on the neurological, cardiovascular systems, kidneys, and blood pressure. Certainly the use and production of TEL in some nations has an impact to the nation’s society which in turn impacts the political and legal landscape of that nation. We will follow up with those impacts later in the paper with the mitigation strategies by Innospec.
Technological Segment

According to Hitt et al. (2011) “the technological segment includes the institutions and activities involved with creating new knowledge, and translating that knowledge into new outputs, products, processes, and materials” (p. 47). From the aspect of producing TEL there is very little associated with new technological advancements and achievements. On the other hand, Innospec continues technology advances in other areas of the chemical industry. According to the Innospec website the firm has grown and expanded its innovation and technology base with “ground breaking fuel additives…and the development of biodegradable agents.” As a result, while the production of TEL is still a product without much technological improvement, the firm continues to expand its base with other product development.
Economic Segment

Hitt et al. (2011) stated that “the economic segment refers to the nature and direction of the economy in which a firm competes or may compete” (p. 45). As a result of the ban of TEL in gasoline throughout the world, the firm has changed its name and looking for other ways to build a base of products in order to produce revenue. According the Innospec web site, the firm is breaking new ground with fuel additives while still supporting the TEL lead additive as it slowly moves away from it. By expanding its product base, the firm is keeping up with the changes in the economy and creating a revenue base at the same time. The Chemical and Engineering News article (2006) indicated that “now gets two-thirds of its sales from non-lead fuel additives and other specialty chemical businesses it has...

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