International Flavours and Fragrances Company Report
is an organization that was established in 1889 standing out as one of the oldest company that has managed to continually exist through turbulent business times and initiates successful business growth. The company operations and principal trading activities involve the production of flavors, fragrances and cosmetic actives for the global demand. The company headquartered in New York, United States of America has been in business for a long time and desires from time to time deliver the best quality products for their target market. The company has created a formidable business portfolio focusing on leading the innovation of sensory experience that fascinates the consumer through their commitment to meet their expectations. The 129 years of operation has seen the organization conquer new frontiers and develop an unmatched presence across the world as it seeks to keep abreast with consumer dynamism experienced in the global business over time.
The management and understanding of the market together with the business terrain are responsible for the proper performance that the organization has delivered over time. The internal and external business environment is necessary when it comes to determining the growth trajectory of a business model of an organization. A critical look at the strategic plans of the organization indicates the efforts that have been applied towards initiating some significant interventions that positioned the company as a leading brand (Grant, 2016). The success has been credited to the informed decisions taken towards responding to the market pressures both internal and external business environment. External Environment An analysis of the external will involve the application of a PESTLE analysis that provides an overview of the underlying industry environment.
The social environment supports the progress of the business making the market receptive of the products hence enhanced organizational performance through turbulent economic conditions in the industry. Technological factors in the contemporary business organization play a pivotal role towards improving efficiency that is responsible for the achievement of a competitive edge through reduction of the costs of operations. The investments in research institutions that deal with specialty chemicals studies have formulated a series of improvements using the latest technology that boosts the production. Competition in any market environment can only be countered through innovation that is geared towards improving the quality of output that is presented to the market. A quality product in the market primarily distinguishes itself from the other products making it appreciated in the market with a majority following the industry.
Internal Environment The internal environment analysis takes a review of the company's steps that should be taken from the organization of the business to use the strengths that will prevent the weakness and threats for the exploitation of immediate opportunities. The innovation in the specialty chemical research and development industry required that the internal organization of the company undertakes a strategic marketing plan that takes cognizance of important marketing principles responsible for providing the best outcome in the industry. The International Flavors and Fragrance Corporation get strengthened by being an old company with considerable experience in the market through different times in the market. Innovation is their principal tool of yielding substantive market uptake due to the increasing demand for their products since they have mastered the art of fulfilling consumer expectations.
The corporation is credited with a good cash flow structure that provides enough financial resources to fund the development of new projects for the entity including expansion strategies to boost their profitability. Technological advancement makes it better for an entity to improve their performance by enhancing product quality and reducing costs of operations. The changing consumer behaviour aligns to their business prospects since innovation responds better to changing market needs. The government green drive increases the procurement opportunities for the corporation products. Finally, the organization should be aware of the threats that might limit their resolution to better the performance across the several market segments. The new technologies employed by competitors pose a serious threat to the corporation especially the disruptor effect in the market.
The final recommendation would be the company to initiate promotion campaigns across the different market segments towards popularizing the benefits of products. The company will create a useful marketing strategy after the development of a series of interventions based on the analysis of the external and internal market environment. Conclusion In conclusion, it is imperative to underscore that through the development of a strategic structure that takes cognizance of important marketing principles the company will take on the market through to success. The marketing initiative identified resonates perfectly well with the changing dynamics and competitive business environment. The essence of strategic planning is to maintain and attract potential customers to the business for a successful performance across new and old market segments where competition might be threatening the growth trajectory.
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