Competitive Strategy & Innovation: Case Study On General Electronic
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Competitive strategy has been perceived as critical feature for the organisation as it aids ensuring that long term objectives are being accomplished effectively. With n assistance of competitive strategy the business firm can gain better competitive advantage in the industry. It also allows to gain better position in the market and enhance the ROI. In order to provide better support to overall development, effective consideration of innovation is also significant (Schwarz, 2011). It assists in meeting work standards and supports in attaining success. In order have better understanding in regard to the subject the work culture of General Electronic Company is being evaluated in the study. Learning will provide understanding in regard to strategic options which allow to ensure about sustainable development.
Core Competencies And Capabilities
Based on study, this is evident that General Electronic Company is holding better brand image in the market which allows to enhance the work opportunities. It is further found that through appropriate application of varied strategic options the business firm is attaining fruitful prospects in the competitive market. Further, one of key competency that business holds is impressive leadership. It allows to ensure that work activities are being managed effectively to attaining goals (Teece, 2010). It allows to focus on new market accessibility and value added services of company. Along with this, it can be stated managers are focused towards democratic leadership. It allows to share information with members in critical manner for achieving goals. It is found that improved emphasis on leadership aspects allows to reshape the cultural values so that long term sustainability can be advanced. With an assistance of democratic leadership the managers are looking forward to advance the innovative culture (Thompson, 2001). Emotional intelligence within organisation is also being advanced effectively for developing sound opportunities. Furthermore, it is evident that high level of motivation and high level of work standards allows to advance the management practice so that growth can be ensured.
It has been noticed that company is basically focused towards four key elements in order to attain better opportunities. Classification of factors can be as technology infrastructure, energy, consumer industrial and capital finance. It has been witnessed that General Electronic Company focuses on the sales of multiple products and services so that better opportunities can be attained effectively (Uggla, 2008). General Electronic provide its services to different industries in order to gain better competitive advantage. In addition to this, it can be said that product line of business firm is also impressive which enhances the brand image in the market. Classification of product line can be as engines of aircraft, equipment related to locomotives, kitchen appliances, control equipment, generators, medical accessories.
On the basis of case study, it can be stated that General Electronic also well focused towards diverse services in context to financial industry. It means by having improved focus on the customer needs the business entity offer wide range of services. GE delivers operating leases, loans, equipment leasing, financing programs and other associated services for supporting business across globe. It can be referred as core competency of business entity because it allows to ensure that aims are being accomplished efficiently (Verbeke, 2013). It has been noticed that General Electronic is well focused towards building better relationship with customers in order to accomplish goals. By having better relationship with customers, the environmental aspects within organisation are also well maintained. Human resource development elements consideration is also efficient for every business entity. As same the General Electronic is also focused towards human resource development. Employees are well skilled that aids in meeting organisational objectives (Zahra and Covin, 2003). With sound development of human resource development, company is providing better support to work activities. It can be referred as key competency of the organisation. It has been noticed that training and development session is also being organised by the company in order to advance the knowledge level. It has been witnessed that improved level of skills among members regarding business knowledge, functional activities, leadership elements and growth traits is beneficial for company. It allows to ensure that work activities are being developed effectively in order to meet goals and objectives.
Improved level of focus on the talent management is significant to meet with the organisational objectives (Andersson, 2011). With an assistance of talent management the business entity like GE is advancing work performance and productivity. It also improves the organisational culture and aids in attaining success. Company is also focused towards communication activities so that long term opportunities is achieved. With an assistance of this, training standards are also being advanced. It is because communication with employees allows to enhance the understanding about employee needs. It helps in improving strategies application which is beneficial to meet long term objectives (Hansen and Smith, 2006).
Along with this, GE is also well focused towards hiring of skilled workforce in order to ensure that long term opportunities are being attained effectively. With an improved focus on the standard based recruitment system the company is ensuring regarding improvement in capabilities. Improved knowledge of functional activities among employees allows to meet the goals and objectives. It helps in make sure that long term sustainability can be advanced which will have direct positive impact on the business model. In addition to this, it can be said that GE is focused towards improvement in motivation level among employees (Harvey, 2004). Innovation in product line also helps in attaining competitive edge in the marketplace. By having an improved focus on the innovation the service quality is being advanced. It allows to gain better competitive advantage in order to meet the impressive level of success. Further, technology is one of the most crucial aspects that helps organisation in heading ahead in the competition. By having an assistance of technological use the business entity can advance the work productivity. Continuous improvement in performance due to technological use is key benefit that a business firm attain (Joseph and Eshun, 2009). It also helps in gaining competitive advantage which is essential to advance core competencies. In order to improve the use of technology the management of GE is focused towards application of quality management. It means application of Six Sigma is also being referred in order to improve the work capabilities within organisation.
In addition to this, Six Sigma is considered as a process that allows to advance the work standards to attain objectives. Use of technological tool allows to identify solutions which might overcome the issues. It reflects that innovation platform is also considered as key competency which allow business firm to receive success. By having an improved focus on the technology, the process mapping of company is also advanced. It aids in refining the work conditions and lead business firm to sustainable opportunities (Kim and Mauborgne, 2013). It also allows to accept the challenge and make sure that working is being accomplished effectively. Along with this, the organisational structure is also critical aspect that required to look appropriately from management. In General Electronic the organisational structure is well maintained because managerial standards are also considered by the management. Centralised working is being promoted within organisation which allows to improve work performance. Functional departments are there in the organisation which ensure that specific team is there to meet the standards of specialized activities. Effective consideration of communication activities is also essential so that objectives can be attained (Wickramasinghe and Jayaweera, 2011). Regular basis interaction with members allows to understand customers needs on the basis of which overall work standards are used to transformed in order to meet goals and objectives. Moreover, diversified portfolio of organisation is also benefited which helps in gaining competitive advantage. It means product line according to customer needs is also a critical element of core competencies. This is even evident has been noticed that by having an appropriate understanding about the services the issues can be overcome in desired manner (Hui and Tsang, 2004). Customer service is also well structured within organisation which allows to meet the objectives so that goals and objectives can be accomplished effectively. By having an assistance of customer service the level of satisfaction among customers can be advanced in critical manner. Productivity is also being improved for accomplishing goals. Customer service allow business firm to make sure that service quality is being advanced.
Strategic planning is considered as formation of ROA framework so that managers can have effective application of tools. By having an effective selection of options the managers can have advancement in context to the performance of organisation. By considering an effective application of strategic options the uncertainty can be resolved in appropriate manner so management need to ensure about it effectively. Work flexibility can also be advanced effectively through effective application of strategic tools (Cantrell, 2001). It has been noticed that GE must consider the aspect that issues are being identified effectively so that strategic options can be accomplished in desired manner. It has been noticed that environmental values also need to be understand effectively. It assist in meeting key goals and objectives for sustainable development.
Effective management of RO also need to be referred effectively because it allows to make sure that business is having impressive level of success. Strategic options also enhance the analysis of product line and portfolio because it helps in meeting key goals and objectives. Diversification of work activities is also essential because it allows to meet objectives. With an assistance of this, business firm can easily develop the success factors. If company is having specific diversification then it will influence the work activities in positive manner so that sustainable opportunities can be attained. It is necessary for business entity to consider investment decisions effectively as it helps in meeting key goals and objectives. Use of existing resources is also significant to refer by the management because it allows to ensure that goals and objectives can be accomplished (Zachariassen, 2008). In addition to this, it can be stated that manager of GE is considering investment decision as a critical aspect. It is one of key reason that business firm has recently expanded its business in diverse manner which lead business firm to critical success. Improvement in services and operational activities is also being referred effectively from the management for better opportunities in the market. In 2008, GE downgraded its earnings forecasts, cut its dividend, suspended its share buyback program, and sought a $3 billion equity injection from Warren Buffett. Effective involvement of stakeholders in the decision making process is also strength for organisation which allows to meet key goals and objectives. R&D division of company is also offering high revenue which helps in boosting opportunities. It also reflects that strategic option selected by business entity is which might enhance the opportunities for the GE. Diverse analytical approaches are also being taken into account by the experts in order to ensure that sustainable development opportunities can be attained (Mehrjerdi, 2013). It has been witnessed that risk can be measured in desired way because it helps in meeting long term sustainability values. Investment options also allows to ensure that by analysing risk the business is expanded effectively in order to meet objectives. Strategic investment of company allows to ensure that business is having better future which assist in gaining competitive advantage. Dependency of investment strategic option of company is on NPV (Net Profit Value) which allows to ensure that global standards are well maintained. It helps in continuous development within organisation is being taken into account through application of strategic option.
Outline Of Options
In order to have better understanding about the strategic options, business firm need to focus on environment analysis. One of key strength of company is that it offers wide range of unique products and services in the market. It provides company a global recognition because it holds a better brand image in the competitive market. With an assistance of this, GE has advanced competitive edge in the market which allows to deal effectively with the competitors. Product quality is also impressive which helps in meeting customers needs. Such kind of positive aspects within organisation is beneficial to make sure that company is holding global strength and competitiveness (Zachariassen, 2008). Company is having effective sources of funds which allows to invest in diverse sectors so that goals and objectives can be accomplished. GE has extremely invested in its diverse unites to improve the business performance. It is one of key reason that company has expanded its business in sectors like technology, energy, automotive, home appliances, etc. such kind diversification in business also reduces the level of risk. It is also beneficial for business to attain better success and meet objectives.
In addition to this, the key weakness that business holds is that global crises has diverse fluctuations. It means any kind of changes in international pricing and policies impact the performance of company. Supplier relationship is not appropriate within organisation which might affect the development activities negatively in conditions where they face issue regarding supply for raw material. It impacts the level of production which assist in long term sustainability (Cantrell, 2001). Business firm like GE is currently having operation in diverse sectors which enhances the level of working. It means work flexibility management is not appropriate due to improper coordination. It impacts the overall performance of company which need to be considered effectively in order to meet the objectives.
Businesses are having great opportunities in the present market conditions. GE can have merger and acquisition with diverse companies so that opportunities can be advanced. It has been witnessed that the brand image and market share of company can be advanced effectively so that business firm can have better opportunities in the market. It allows to meet the success and ensure that business is gaining competitive advantage. Merger with global market organisation is more beneficial because it allows to advance the work sustainability in diversified form (Hui and Tsang, 2004). Research and development investment can be advanced in critical manner because investment in R&D has continuously advanced the revenue of company. It will also allow the management of GE to employ innovation within organisation so that long term sustainability can be advanced. Current customer demand can also be accomplished by having improvement in supply chain. It allows to ensure that long term sustainability can be advanced. One of key threat company faces is regarding high ratio of competition which might affect the overall outcome. It has been noticed that high ratio of competition in the market impacts the customer base so management need to employ diverse strategies in order to advance opportunities (Wickramasinghe and Jayaweera, 2011).
Application of strategies like market development through merger and acquisition is significant for management of GE. By having a proper understanding of Ansoff model the issue can be understand in desired manner. With an assistance of this, the market development objectives can be accomplished. With an assistance of penetration the issues can be overcome in order to lead business towards better opportunities in the market (Kim and Mauborgne, 2013). Investment planning strategy can also be employed by the management of GE in order to ensure about goals and objectives accomplishment. Company can also enter in new market to advance the strategic opportunities. By having an consideration of such values the key objectives of business firm can be attained effectively.
It has been found from this study that General Electronic Company is holding better brand image in the market which allows to enhance the work opportunities. Through effective application of diverse strategic options the business firm can attain better opportunities in the marketplace. It has been noticed that company is basically focused towards four key elements in order to attain better opportunities. Classification of factors can be as technology infrastructure, energy, consumer industrial and capital finance. General Electronic is well focused towards building better relationship with customers so that goals and objectives can be accomplished. By having better relationship with customers the environmental aspects within organisation are also well maintained.
Further, through effective selection of options the managers can have positive impact in the performance of organisation. From effective application of strategic options the uncertainty can be resolved in appropriate manner so management need to ensure about it effectively. Use of existing resources is essential to refer by management because it allows to ensure achievement of objective. Company is having effective sources of funds which allows to invest in diverse sectors. GE has extremely invested in its diverse unites to improve the business performance. It is one of key reason that company has expanded its business in sectors like technology, energy, automotive, home appliances, etc. such kind diversification in business also reduces the level of risk and lead business firm to impressive level of success.
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