Great Lakes: Great Decisions - Research Paper Example

Describe how Great Lakes will be affected by each of these external factors: Social/Demographic Factors Since Great Lakes usually influence social and demographic regions, it is extensively significant that the involved parties make the right decisions because if not, the lakes may have more of negative impacts than positive ones. Socially, the Great Lakes may influence the manner through which individuals of distinct cultures use the products from the lakes and how these products affect their safety and health.

According to Mead, Wicks, Werhane and Freeman (2009), the Great Lakes provides water for domestic functions and when the right decisions are not made, it is simple for the lakes to be contaminated by chemicals and industrial wastes, thus, to be of much effect to the people using them. The demographics, on the other hand, are in place since it is the undeveloped nations that often use the TEL. The Great Lakes would be influenced by the restraints they contain particularly in supporting these individuals in the regions that they serve (Beltran, R. et al., 2005).

Technological Factors Through technology, the developed nations are able to generate unleaded gasoline, which does not have much effect to the Great Lakes. However, the problems come in the case of under developed nations; they are unable to successfully generate unleaded gasoline thus causing harm to the lakes. . Moreover, through technology, these nations may be able to control the industry wastes from finding their way into Great Lakes and contaminating the water. Therefore, technology is crucial.

Economic Factors There is no doubt that the Great Lakes would end up affected economically particularly if social, demographic and technological factors are neglected. Once the lakes are maintained and the waters kept clean, the aquatic lives would be saved (Mead, Wicks, Werhane & Freeman, 2009). This is important because it may improve fishing, thus, generating income both to the anglers and to the Great Lakes management who are involved in serious decision-making. This means that its own money would manage the lakes efficiently and effectively if such decisions are made.

Besides, through transportation by water, the lakes may generate good revenue income, which may also be used to run other activities and improve development (Wayne, Bruce & Damstra, 2007). Environmental/Geographical Segments The Great Lakes are facing a lot of tough challenges from environmentalists when it comes to environmental concepts. The management of the lakes are receiving massive pressure to undertake the right actions and in a haste to save the lakes (Mead, Wicks, Werhane & Freeman, 2009).

Geographically, they are very few because they are not located where they need to be, meaning that there is insufficient management and control of the actions and functions taking place on the waters of the Great Lakes. Therefore, decision-making process becomes a challenge to them. 2. Analyze the lead additives industry in the U.S. using the Five Forces of Competition Model. Describe the impact of each of the five (5) forces on the industry and based on this analysis, determine if the industry is attractive or