General Electric Case Analysis
General Electric Case Analysis
Case Recap
General Electric, (GE), is a diversified technology and financial services corporation that has a history of tremendous success. The company’s name is well known across the United States and is recognized by consumers as the “practical innovator” (Crystal & Herskovitz, 2010). In order to continue its achievements, GE’s strategy is to focus its resources in new product innovation and comprehensive brand positioning. It has created the “Profile” and “Monogram” brands to re-invent kitchen appliances and to transform its image to being more upscale. GE’s marketing leadership would like to continue to conduct significant research to gain cutting edge features that will excite their customers to pay more for innovation to generate a higher profit (Crystal & Herskovitz, 2010). It has a significant advantage over its competition due to its long-lasting and implied trust from its brand that has distinguished itself over the past 100 years.
Problem Identification
The problem that GE faces is creating an emotional impact and connection with potential customers in order to stimulate an interest to purchase its brands. Numerous products are bought, not because of intellectual reasons like price or quality, but because of emotional needs and wants. Consumers’ decisions are made with emotions and they justify with logic to support that way of thinking. GE needs to convince potential buyers that these appliances are a necessity for safety, security, and convenience. Certain feelings and emotional drivers need to be triggered so that people will feel happy, comfortable and complete if they buy. The products they are exposed to in stores and on different forms of advertisement need to make them feel safe with knowledge they are getting good value. GE needs to produce this value in its appliances, but receive a higher price with this emotional connection.
Identifying the Root Problem Components While the problem for
Case Recap
General Electric, (GE), is a diversified technology and financial services corporation that has a history of tremendous success. The company’s name is well known across the United States and is recognized by consumers as the “practical innovator” (Crystal & Herskovitz, 2010). In order to continue its achievements, GE’s strategy is to focus its resources in new product innovation and comprehensive brand positioning. It has created the “Profile” and “Monogram” brands to re-invent kitchen appliances and to transform its image to being more upscale. GE’s marketing leadership would like to continue to conduct significant research to gain cutting edge features that will excite their customers to pay more for innovation to generate a higher profit (Crystal & Herskovitz, 2010). It has a significant advantage over its competition due to its long-lasting and implied trust from its brand that has distinguished itself over the past 100 years.
Problem Identification
The problem that GE faces is creating an emotional impact and connection with potential customers in order to stimulate an interest to purchase its brands. Numerous products are bought, not because of intellectual reasons like price or quality, but because of emotional needs and wants. Consumers’ decisions are made with emotions and they justify with logic to support that way of thinking. GE needs to convince potential buyers that these appliances are a necessity for safety, security, and convenience. Certain feelings and emotional drivers need to be triggered so that people will feel happy, comfortable and complete if they buy. The products they are exposed to in stores and on different forms of advertisement need to make them feel safe with knowledge they are getting good value. GE needs to produce this value in its appliances, but receive a higher price with this emotional connection.
Identifying the Root Problem Components While the problem for