phase 2

Running Head: STRATEGIC PLAN 2

STRATEGIC PLAN 2

Strategic Plan Phase 1 (Abbott Laboratories)

Name

Institution

Date

Abbott Laboratories

Introduction

Abbott is a global healthcare organization that works towards improving the lives of people in the world in the most efficient way possible. The strategic plan for the company is founded on diversity by looking into consumer issues from all over the world. It ensures that it balances the major businesses within the company across all regions. The company generates the largest percentage of its sales revenue from other countries except for the U.S. About 50% of the revenue is attained from the developing regions. All the organizational operations work towards maintaining their relevance within the market especially with the diversity that is evident in the industry. It has ensured a consistent and reliable production of high-quality pharmaceutical products, an aspect that has enabled it to remain competitive within the market today. The company’s ultimate goal is to be the scientific and commercial leader within the healthcare sector. This requires it to ensure and even exceed the expectation of healthcare stakeholders, including facilities, medical experts and also clients ("Home | Abbott U.S.," 2020).

It is important to assess the organization, especially with the changes within the healthcare sector in the current times. With the increased technology, the healthcare sector has continued to shift from the traditional manual operation approaches into technological and automated methods. There has also been the discovery of new diseases that affect people in the contemporary world. The organization needs to ensure that its operations work towards improving the healthiness of the community members through eradicating these diseases. Hence, it is important to identify whether the healthcare company is able to keep up with the trends and hence pursue its goal of maintaining high-quality healthcare to the community members.

The company is managed by a board of directors who govern different departments. One of the segments of the board is the human resource committee. It is mainly responsible for the hiring and firing process within the company. The second segment is the share transfer committee. It is concerned with the selling and buying of company shares and other transfers as far as shares are concerned. The banking committee is in charge of finances within the organization. The audit committee regularly analyzes different organizational departments so as to ensure that they are all working as per the organizational strategic plan. Under the audit committee is a sub-segment for the internal audit. The other segment under the board of directors has the chief executive officer. This is the vastest segment with the organizational management under it. It is responsible for directing and managing the operations within the company in such a way that every organizational task is performed towards achieving a common goal. There are different departments that work under management. They include the nutritional department, pharmaceuticals department, diabetes care department, general healthcare department, and diagnostics among others ("Home | Abbott U.S.," 2020).

Company mission

The mission statement for Abbott Laboratories is “To improve lives by providing cost-effective health care products and services.”

Company vision

The vision for Abbott laboratories is “to be the world’s premier healthcare company. Simply put, we want to be the best- the best employer, the best healthcare supplier, the best business partner, the best investment, and the best neighbor.”

Values

The core values guiding Abbott Laboratories include honesty, fairness, and integrity. Through its operations, the company does not encourage fraudulent activities, concealment or any other form of deceit. Also, the decision-making process implemented within the company is founded on equality and does not tolerate prejudice of any kind or even bias. It is also guided by strict moral principles as outlined by the organizational code of conduct ("Abbott At A Glance," 2020).

Goals

The company aims at ensuring the fulfillment of human potential in different regions in such a way that it upholds the diverse aspects and phases of life. It also aims at ensuring high-quality healthcare services to patients regardless of their geographical location. The company also strives to efficiently enhance patient care by improving the approaches through which physicians arrange the patient diagnostic and treatment procedures ("Abbott At A Glance," 2020).

References

Home | Abbott U.S. (2020). Retrieved 14 January 2020, from https://www.abbott.com/

Abbott At A Glance. (2020). Retrieved 14 January 2020, from https://www.abbott.com/about-abbott/at-a-glance.html