The first and most important is to drive competitiveness in the markets where we are already present today. That means optimally matching our product development, manufacturing, sourcing and selling resources to the specific needs of our markets while improving our own productivity and quality. This is all about excellence in business execution and is key to the overall success of the strategy.

The second is to capitalize on the major trends driving demand over the long term, such as the increasing use of electricity in areas such as data centers and electric vehicles; the rapid economic growth and urbanization in emerging markets; the need to use our natural resources more efficiently; and the integration of new sources of power--such as wind and solar energy--into existing grids.

Third, we aim to aggressively expand our core businesses to secure the next level of growth, particularly in the areas of service, power grid expansion and in high-growth sectors such as renewable energy, oil and gas, rail and water.

The fourth element is disciplined acquisitions to close important gaps in our portfolio, whether they are geographic gaps, product and technology gaps, or specific end market exposures. Key to the success of this strategy is a disciplined approach to business integration to ensure that synergies are successful and that value creation targets are achieved.

Finally, ABB aims to tap disruptive technologies whenever possible to transform the market landscape and be the first in the market with new value propositions for our customers. Examples include innovations around smart grids, direct current power transmission and alternating current technologies that allow much more power to be transmitted through existing grids.