SABIC Company Audits Essay Example | Topics and Well Written Essays - 1250 words

SABIC Company Audits - Essay Example Many businesses have succeeded based on their historical perspective. From the case, it is determined that the business has been in operation for the past 39 years (SABIC, 2014). This is life stable enough to determine that it has a status in the economy of Saudi Arabia. Apart from time, the company has historically been supported under the focus of the king of the country. According to Doole & Lowe (2008), history has a strong bearing on the success of a company in the market. This is especially prevalent in societies that are relatively conservative. The Saudi Arabian society is incredibly much of a conservative society and there are norms that determine the consumption patterns in the country. Being largely Muslim, most of the laws and legislation on trade are bound to be based on sharia laws. History of existence in market serves a lot of functions to a company (Peng, 2013). First, the company develops the experience of the market and makes it possible to understanding changing t rends from time to time. SABIC Company deals in a collection of products; chemicals, fertilizers, plastics, and metals. It is a size that determines the market success factors because there is a focus on expansion programmes. The company is owned by the government (70%) and the private individuals (30%). History has therefore helped it to know and understand its customers, the market, the need for expansion and the challenges that it is likely to face when in any other country apart from Saudi Arabia. Historical context has enabled the company to understand its customers, the purchase context, the feelings in the market and strategies that help develop a business from one level to another. The insights to the success of SABIC are based on the achievements from the time it was formed to date. Over time, the company has grown and it is now the largest companies in the specified areas of operation.