Abbott Laboratories: A Historical Overview and Strategic Analysis - Prof. Dalton, Study Guides, Projects, Research of Company Secretarial Practice

Download Abbott Laboratories: A Historical Overview and Strategic Analysis - Prof. Dalton and more Study Guides, Projects, Research Company Secretarial Practice in PDF only on Docsity! 1 Abbott Company Student’s Name Department, Institutional Affiliation Course Name, Course Number Professor’s Name Due Date 2 Abbott Company History of the Company Abbott Laboratories is a timeless brand that has been owned by Americans from its beginning in 1888 when Dr. Wallace Calvin Abbott set it up in Chicago. At the start, he joined the pharmaceutical industry, producing medicinal products such as dopants, digestive aids, antiseptics, and more for medical use. However, in the context of business history, the company started to produce its goods in medical devices, diagnostics, and nutritional products. The strategic changes that Abbott Laboratories made have been chosen in two ways. Either the company did it on their own choice, or the changes were forced upon the company. The strategy was the tool the company used to increase the production of its products and have a diversified audience. User strategies should note that emergent strategies are very powerful and keep changing the ground the whole time (Abbot, n.d). Hence, he was ready for the forthcoming changes in the healthcare industry, the regulatory requirements, and the environment. In addition, he had to learn how to use a new technology. Mission and Major Goals Abbott’s mission is to help people live their best lives through good health. They keep their heart healthy, nourish their body at every stage of life, help them see clearly, and bring information and medicines to manage their health. The main objective of Abbott Laboratories is to ensure people enjoy good health by bringing about possible improvements in healthcare through the creation of products and solutions. One of the main objectives of Abbot Laboratories is to contribute to the world's healthcare by lifting its standards. As part of its medical research efforts, the company dedicates resources towards scientific research so that it cannot only have access to the latest advancements in the field but also develop products capable of fulfilling patients' unmet medical and healthcare needs (Abbott Laboratories, 2024). Abbott guarantees the quality of its line of products with safety, efficacy, and 5 three overriding factors of competition in the healthcare sector include innovation, product differentiation, and cost reduction. Impact on the Macroenvironment The macroenvironment is a broad area of factors, including technology, healthcare policies, and demographic trends, which can significantly impact the healthcare industry system, with Abbott Laboratories being a major player. They could be enhanced by noticing positive ones, like healthcare facilities, technology, and market penetration. On the one hand, the possible triggers, such as regulations, economic downturns, and geopolitical unrest, might be a headache to entrepreneurial advancement and financial prosperity; on the other hand, they might be a disaster (Baham, 2023). Strategic Groups Abbott's strategic looks include players in the pharmaceutical companies, medical device manufacturers, diagnostic companies, and nutritional enterprises. The strategic groups experience different levels of competition, with the pharmaceuticals having the stronger competition due to the patent expiry, the eligibility of generic drugs on the market, and the access certification. Consumer targets should be considered since the company products and services are normally set according to technology development and innovation levels (Abbott Laboratories, 2024). Abbott is a corporation divided into different segments, like hospitals, clinics, and pharmacies, and directly addresses the end users through the wide range of products carried. Lifecycle of Industry 6 The industry in which Abbott operates may be in the late developmental stage, and the dynamics are those of slow-paced growth. It is characterized by a disorganized revenue collection system, lack of competitiveness, and poor profit margins. Through this, the market will be special, in addition to the ability to reduce cost and be in a leadership position or critical player in the market. Additionally, the major players may see a rise in their numbers, which replace the lesser-known markets and take up control of the market share and competition (Banham, 2023). The future may witness that the same competitive realm would not be wary of and Abbott competing companies such as Abbott will have to incur on the product range innovation, brand movement on foreign markets, and effective operational procedure to stir them being any of them not to subsist. 7 References Abbott laboratories. (2024, February 7). Wikipedia, the free encyclopedia. Retrieved February 13, 2024, from https://en.wikipedia.org/wiki/Abbott_Laboratories Abbott. (n.d.). WHO WE ARE. Home | Abbott U.S. https://www.abbott.com/ Banham, R. (2023). Ann Marie Bitta: Abbott Laboratories. Risk Management, 70(3), 6–9. Burrell, B. (2013). Abbott Laboratories: Provisioning a Vision.