Research Paper on:
The Chemical Industry and Dow Chemical

Unformatted Sample Text from the Research Paper:
shipped $693.1 billion of output in the same year and is responsible for more than 1 million jobs in the US (American Chemistry, 2011; Yahoo, 2011). Dow Chemicals are the  largest US chemical firm and the second largest global chemicals company behind BASF when measured by revenue (Hoovers, 2011). In the US there are more than 170 chemical firms,  operating in excess of 2,800 international facilitates in addition to those in the US (Hoovers, 2011). This indicates that the industry is important; to assess the performance of firms that  compete within this industry a SWOT analysis can be used to assess the general environment. The industry strengths include the way that it is highly diversified, many firms are operating  a across a number of different segments and while some may suffer economically others will diversity the risk. Many firms are diversified in other industries other areas, for example,  Exxon Mobiles chemical division accounts for only 7.8% of its annual sales, this diversification further reduces specific risk (Nellis and Parker, 2006). The development of technology has enabled firms to  increase their efficiency in terms of manufacture and control over supply chains as well as in research and development areas. Another straight is that many of the products are essential  and are inelastic, for example areas such as agrochemicals have a high and rising demand which is required even in poor economic conditions. Weaknesses include the nature of the  industry with the need for patents to be registered and possible vigorously defended; this requires vigilance and can be costly. The industry also moves at a rapid rate with many  competitors undertaking research and development. Opportunities include the potential for new developments from research and development, which isalso aided by technology provides a wide number of opportunities. Opportunities also exist