Instructor: Dr. Matthew Ademola
The business that I was interested in writing about is General Electric. GE company has been around a very very long time, and one of the largest companies in the entire US. GE continues to make money and provide excellent service to millions of customers worldwide. GE has a large vast portfolio that includes televisions, engines, medical devices, appliances, and commercial financing. The vast portfolio that GE has under it’s belt has made it very difficult to determine the business level strategy. What makes GE so successful is the many different options that it has to offer, it is able to have many different products available to the public. These different products on its own would serve a large company by bringing it success, but GE is able to own them all. General Electrics business level strategy states “ GE is building the world by providing capital, expertise and infrastructure for a global economy. Businesses and consumers have been able to build due to General Electric Capital that has been provided. Millions of homes, factories, offices, and retail companies have been helped by the products that have been offered such as appliances, lighting, power system, and many other different products.
Long term success of General Electric is long term growth by investing in creative opportunities that are close its business practices. General Electric will have continue long term success if it continues to adapt, change, and focus on the business that continues to generates the most profits. I believe that having a diverse portfolio will continue to be beneficial for General Electric. Being diverse will continue to offer many different sectors options, and when as a company you can offer options it can only be for the best in the long run of a company's future. Options gives General Electric's business strategy a competitive edge over its competitors. Being competitve in a economy that is undetermine will require General Electric to be different .
When looking at General Electric’s corporate level strategy the key force for growth is technology. Different industry cogs such as energy, health, and aviation will be the driving force for advancement. It is General Electric’s duty, and job to go out in society to find new markets that will be influential in potential growth, and returns. There are processes and steps that are taking by management, executives, and employees that need to be utilized each time for success. Without these steps General Electric would be unable to identify potential projects, or opportunities. There are three strategies that have been implemented by upper management that the entire company must follow for continue success. First General Electric must sustain everything they stand for by believing in their business model. Second each and every employee from top to bottom must continue to do everything in it’s power to strengthen General Electric’s business portfolio by increasing the products and services that they provide. Lastly General Electric must drive its growth initiatives. This strategy worked because General Electric management came up with a plan to add five key initiatives. Five initiatives are to have technical leadership, service, customer focus, growth platforms, and globalization.
In all honesty if General Electric keeps reinventing themselves by adapting to change, and implementing new technology then their future is going to bright for many future years to come. General Electric continues to provide great customer service and invest in more efficient materials for its customers. General Electric had to overcome financial crisis a few years back, but the company still was able to be profitable.
Taking a close look at General Electric's competitive and external environment includes a vast variety of technology, and products. There are over twenty