Strategic management plays a significant role in improving business performance and marketing strategy in the competitive marketplace. On the other hand, effective strategic management will assist the organizations in achieving their sustainable financial position in the market; however, it also leads them towards achieving higher market share in the competitive marketplace. ABB management team wants to offer those services to the customers through that they make Dubai a center of leader power service provider which never compromises with the quality and comfort of their customers in any situation. The strategic management practices assist the organization in evaluating their internal and external environment, which further aids them in adopting those business strategies which lead them towards the successive level as well as motivates them to achieve a higher level of sustainability and productivity in the highly competitive marketplace.
Effective strategic management practices have a positive role in improving the marketing strategies of the company as they help the management team in understanding the external environmental challenges in the organization through that they analyze the threat and opportunities which are motivational and effective for them in growing their business practices all over the world. Therefore, effective strategic management practices enable the firm to upgrade those strategies in the firm that help them provide high-quality services in the market that, in the future, will allow them to achieve those goals that are leading the company towards the achievement of higher success over its competitors.
Company background of Asea Brown Boveri (ABB)
ABB operates in the digital or electronic business. Nevertheless, it likewise has several additional subordinate companies. Asea Brown Boveri is considered one of the largest power engineering firms that assist consumers in actively utilizing electrical power and enhancing firm sustainability and productivity effectively. The company serves water, gas, and electronic utilities and commercial and industrial customers, along with a broad range of goods, services, and schemes for electricity plant automation, distribution, and transmission.
On the other hand, ABB offers an automation scheme for control, measurement, plant optimization, and motion, through a wide variety of businesses. It is revealed from the previous research that the company utilizes the growth strategy to expand and improves the sales and productivity level of the organization. It is evident from the previous studies that the company has made several steps to remain competitive in the market. On the other hand, they also adopted several market strategies to promote their organizational services all over the world.
Role of the management team
The management team plays a significant role in improving business practices all over the world. The number of strategic factors they adopted to bring positive change in the organizational practices of the company. These factors are explained below:
Innovation in technology
The management team mostly put more emphasis on bringing innovation in their technological practices that enable them to reduce the cost of manufacturing and wastage of products.
More global destinations to leverage
The management team put significant emphasis on opportunities that provide them with continual expansion opportunities for both business destinations and leisure.
Use technology to enhance the facilities
The management team emphasized improving the services by using the technological factors that further enable them to increase revenue and fulfill customers’ needs.