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. The ABB management team wants to offer those services to the customers by making Dubai a center of leadership and a power service provider that never compromises the quality and comfort of its customers in any situation. Strategic management practices assist the organization in evaluating its internal and external environment, which further aids them in adopting those business strategies that lead them toward the successive level and motivate 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 company’s marketing strategies as they help the management team understand the external environmental challenges in the organization through analysis of the threats and opportunities that 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 assists consumers in actively utilizing electrical power and effectively enhancing firm sustainability and productivity. The company serves water, gas, and electronic utilities, commercial and industrial customers, and 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 to a wide variety of businesses. Previous research has revealed that the company utilizes the growth strategy to expand and improve its sales and productivity
levels. The earlier studies have also revealed that the company has taken several steps to remain competitive in the market. They have 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 emphasizes innovation in their technological practices, which enables them to reduce the cost of manufacturing and product waste.
More global destinations to leverage
The management team emphasizes 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.
Focus on diversified strategies
The company puts more emphasis on establishing a differentiated position in the market. Therefore, the management team of ABB usually focuses on diversification strategies that enable them to place their diverse position in the market; however, they also target many customers by providing valuable and cost-effective services in the market.
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