The progress of global economy, the raising standard of lifestyle, all relies upon the power. There is the constant need of it, and society wants incessant access to it, yet at inexpensive rate. Supplying the energy at this growing pace and reasonable cost, maintaining the quality, and satisfying the people is an endless challenge for the energy service companies. In these situations, what these companies must focus on is strengthening the foundation, improving the infrastructure that would run supply to all, that too for longer period. Luis Manuel Ramirez points out that these organizations must also consider conserving the environment as the society and economy is shifting interests towards it.
The companies all over the world are facing these challenges however, the impact is different. While in already developed countries, more companies are emerging to provide power to people, where the growth of energy consumption for next one or two decade would not experience substantial growth. Hence, the absolute challenge is to provide people access to energy at less expensive rates and still incur profit. While in emerging societies and developing countries, the number of companies are significantly less, however, sufficient to provide continuous supply of energy. Simultaneously the growth in demand of energy would rise in upcoming years, much opposite to the scenario of already evolved countries.
Luis Manuel Ramirez states that the power companies need to shift their marketing strategies and perspectives to fulfil demands and sustain the competition. Here are a set of recommendations that might do the needful of overcoming these challenges.
- They should focus of providing high value services.
- Moreover, balance it with necessary investment and operational expenses.
- Emphasis should be on producing innovative methods, which are in favor of environment and hence live up to the people’s ideals. It would be beneficial to assimilate and regulate both renewable and conventional sources of energy. Penetration of renewable energy sources into the energy market has been noticeable throughout the global power market.
- The company has to undertake extensive measures in terms of developing. This includes introduction of latest technologies, moreover the electric ones that would contribute to the regular processes. It should serve in power production, simultaneously in its storage and distribution.
- The company might also develop its marketing by establishing its hold in new regions, and continue to allure the existing market. Going international in potential regions is perhaps a strong way to expand the business while ensuring the new means of profit.
- The most important point for the company to consider is that they should constantly focus on evolving and pre planning for future shift in economy. Being ready with a plan for unforeseen events would save the company from incurring heavy blow and loss.
Resolving all the issue and strengthening the company is not that difficult. Given that upon following the above strategies, many of them have succeeded in reserving their importance and role in the competitive market and proving their level of efficient performance.