ECON 102 Research Paper. General electric research paper

General Electric Research Paper
Author`s Name
Institutional Affiliation
General Electric Research Paper
Executive Summary
The primary purpose of the GE Company is to offer quality products and services to the consumer countries in a variety range of products. They have strategies that best suit the goals and reason for enabling the company to achieve its primary objectives. The company deals with the issues that have more influence to the society, and they utilize the best technology to overcome the difficult challenges of the people. They provide solutions in health facilities, housing needs, transportation, energy, and finance according to the requirements and demands of people. The company offers different services to the community, such as powering, curing, building, and movement on the entire world. Therefore, the company does not just imagine, but they offer ways on how they can achieve their crucial goals. The corporate intends to provide the best services to the consumers to overcome competition from their competitors. It invests in various research and recent technology to provide quality-based services to its customers, such as living in a world that is free from diseases. Besides, people can have an opportunity to save money and energy as the quality of transport improves depending on the preferences of customers.
For instance, it incorporates the new technologies in healthcare and aerospace aviation to offer the best solutions to the world in different products. It aims at assisting the customers in executing the critical goals of the company for a viable future of the company. However, the company has a vital problem in everyday operations due to the financial crisis. After the departure of Jack Welch, the company incurred severe monetary issues in 2008, as the company stock fell by 42 percent (Biller et al., 2019). Until now, the financial crisis is still a problem to the company. Therefore, it cannot offer the quality of services as needed by the consuming partners. Despite the investment 3 billion from Warren Buffet, the company still has a financial crisis, and it is the main setback to the overall performance of the company.
Organization Background
General Electric (GE) is a firm founded in by Thomas Edison in a town called Fairfield, Connecticut, where it still has its headquarters. It has subsidiaries on the entire world in about 175 countries as it utilizes the opportunities in the contemporary economies. In 200, the company ranked position seven globally as one of the huge companies in the world. It has six divisions, which include healthcare, Home Business Solutions, Energy, as well as GE Capital. It provides different products such as aircraft engines, power, water, healthcare, and household goods and services. The company has various competitors in the market that include Siemens, Mitsubishi, and Hitachi Limited in the industry (Corman et al., 2016).
Jack Welch was a legendary who led the company towards having achievements of its primary goals. In his time, he transformed the company from $25 billion firms to a $130 billion conglomerate with no boundaries in its segments. He had aggressive behavior of pushing employees towards attaining their goals and objectives. He earned the nickname “Neutron Jack” because of his efforts that enabled the company to reach its physical assets intact. His fruitless efforts led the company to achieve many profit revenues that enabled innovation and venturing into new ideas. The aims of Jack helped the company to solve various environmental factors such as Hurricane Katrina and Financial Crisis with a significant impact on the ecological factors.
Industry product form
General Electric Company has a stable and growing customer base through the market mix that incorporates through the offering of different products. Products are business outputs of the company that it supplies to the consumers. The component of 4P in the GE case covers the products in a proper way for industries. The company has products of various types ranging from electric lighting, oil and gas, healthcare, energy, aviation, and transformation that correspond to the target markets. GE management has strategies for marketing that lead to development for a long-term plan. Market trends change with the influence in marketing success according to the necessary market mix. The GE applied 4P strategy and tactic to reach a massive number of customers on the market. The 4P policy includes product, place, promotion, and price variables in the market. The trends depend on the dynamic of the customers due to a variety of products applied that can meet the needs of many people in the world (Gurevich, 2018).
The product mix of the company is a vital element that enables its growth and expansion to other regions in the world. For instance, it has oil and gas products, consumer electronics, healthcare products, transportation, and power facilities that offer different services to consumers. The company has varied products, which shows a higher degree of diversification of the entire business. The products are competitive on the market due to their quality and uniqueness they possess. The company invests in many ranges of products and different fields that assist in faster growth and expansion of the company worldwide. The variation of the marketing products affects the overall organization structure as well as associated management systems of the daily business activities. The products change according to technological advancement to suit the needs and tastes of the customers in the market. Diversification is a critical component that General Electric Company uses in the marketing mix.
The place factor in the marketing mix is a region covered by General Electric Company in the supply of the products and services to its customers. The business activities of GE involves transactions to make sales or purchases of the products. The strategic management of GE occurs in different places on the global market, with various characteristics suiting immediate customers. For example, the distribution of electric lighting has to consider the stature of the market in the United States, Australia, and Mexico. The aspect of the marketing mix involves various places for the distribution of the desired product to the customers. It has to consider the economy of the region and the living condition of people in a particular part before making decisions on the products to offer.
The company has authorized distributors and suppliers that offer sale services in different parts of the world. It has esteemed employees who have the aim of colonizing and conquering new places to expand the market size of the business. Besides, it has online stores that...