Case Study: General Electric Company|
GE’s Strategy Equates Longevity|
For so long, General Electric has provided the world with pioneering products and superlative services. How does a company endure the economic cycle for over a century and continue to make headway? In this paper I intend to discuss some of the aspects that have enabled GE to have fruitful success for over one hundred-thirty years. I will briefly discuss the overall strategy of the company and the approaches they employed to attain success implementing that strategy. I will examine the corporation’s value proposition and comment on current event(s) that influence the business. I will present a brief SWOT analysis and state my general impression of their management style. Finally, I will express my thoughts on their future, where they can be more effective, and what changes should be put into action. The topics covered depict how General Electric has and will maintain and upper hand in corporate world. | |
Table of Contents
I. Introduction, Meet GEpg. 2
II. The Company’s Overall Strategy and Their Approaches to Attain Successpg. 2 III. The Company’s Value Proposition pg. 3
IV. Event(s) that are Affecting the Companypg. 3
V. SWOT Analysispg. 4
VI. Impression of the Management Stylepg. 5
VII. The Company’s Future and Opinions on How They Can be More Effective pg. 5 VIII. Changes that Should be Implementedpg. 5
IX. Referencespg. 6
Introduction, Meet GE
General Electric or GE is a multifarious technology and financial services company; operating through energy, technology infrastructure, capital finance, as well as, consumer and industrial. The company was instituted in 1892, via the merger of Edison Electric Company and Thompson-Houston Electric Company. It has stomached the economic roller coaster for more than one hundred-thirty years, fruitfully. By looking at what the world needs with belief in a better way and having relentless drive to invent and build things that matter, GE has and is creating a world that works better. General Electric is a top ranking company among the Fortune 500. It was one of the initial twelve companies listed on the Dow Jones Industrial Average when it was instituted back in 1896, but it is the only company that still remains listed to this day.
Overall Strategy & Approaches to Attain Success
Earlier this month, at GE’s conference in San Francisco, the company concentrated on omitting the plans to dominate the “industrial internet”. They are already constructing advanced digital devices into their machines. The purpose for this is to receive data that, in turn, will help them provide a better digital experience for the consumers that use those products. Instead of buying out companies to achieve this, GE is talent scouting. “We are better off acquiring people than companies”, said CEO, Jeff Immelt. Although we have numerous engineers, they just are not the right kind for this particular job he commented. GE is going straight to the source, the entrepreneurs and software engineers. They hope to enlist people interested in resolving the BIG problems, like in healthcare and energy. General Electric is not interested in small scale involvement with this; they are looking to make it an essential product feature.
GE’s value proposition, consists of defining markets and conceiving products, as well as, allowing the company to “Create Shared Value”; a set of business policies and practices that enhance the competitiveness of a company while simultaneously advancing the economic and social conditions in the communities in which it operates.
Event(s) that Impact
GE just faced an uncommon and discouraging situation. They had to recall 1.3 million dishwashers, due to faulty electrical system, they were...