Business strategies should be employed in order to be competitive in the market .Arguably; it is all about beating your competitor. According to Welch stretching is one of the business strategy this means figuring the performance target, that are within GEs capability and reasonable. Another strategy is the resource based. This puts more emphasis on the creation of economic rent. Market research and all the information of market environment is a strategy used by GEs.The quality of product and its price should be related.GE ensure that there is a correlation between price and the quality of the products.GE products are advertised well and placed to the right place. This creates awareness to the customers on product existence.Process and packaging of thee products is carried out well. All this strategies are goal oriented.
The company has diversified in three main sectors this include technology, financial services and media. The company has specialized in different fields of service and products, some of this include power generation, security technology, aircraft engines, water processing, medical imaging, consumer financing and business, industrial products as well as media. This diversification is very important in every business .It increase the economies of scale (Slater 2). The customers that receives the companies service and products are very many, infact they are from more than 100 countries. General Electric operates in five different segments: technology infrastructure, NBC universal, capital finance, energy infrastructure and industrial and consumer. These business strategies try to work towards the companies’ goals and mission.
The operations of the GE are very important on its achievement of the business targets. Industry recognition is one of the strategies used by the company. It is highly recognized among many industries hence creating a valuable business portfolio (Roths 156). It participates in most of the industrial competitions. The company has diversified the portfolios of its products and ensures a balanced stream of revenue.GE is always present in the growth markets, this helps in sustaining excellence in operations and financial sector. Innovation in the company in the year 2009, contributed best to initiative of clean energy. The company used its goals to come up with operational strategies; therefore they worked towards its goal.
References.
Peng, Mike.Business Strategies in Transition Economies. California: Sage, 2000.
Slack, Lewis.Operations Stategy.Harlow: Pearson Education, 2002.
Roths, William.The Secret to GE’s Success. New York: McGraw-Hill, 2007.156
Slater, Robert.The GE Way Fieldbook: Jack Welch’s Battle Plan for Corporate Revolution. New York. John Wiley, 2000.2
