electric company essay

General Electric: Company Information Essay

Global digital firm General Electric Company (GE) was founded on April 15, 1892. From aviation engines, power generation, and oil and gas production equipment to medical imaging, financing, and industrial products, GE produces a variety of goods and services. Its primary industries are aviation, energy, oil, gas. With $74,196 in revenue for the year of 2021, the business is ranked at six on the Fortune 500 under CEO Jeff Immelt’s direction ( 21 Annual Report, 2021, p.6). Product recalls at General Electric raise ethical and legal concerns, which harm the company’s long-term success by eroding consumer trust. General Electric faces fierce competition in every sector of the economy where it now operates. Although diversifying the company’s operations is bright, it increases the risk of overstretching its resources by restricting the attention it can give to each market sector.

The four sectors of Power, Aviation, Healthcare, and Renewable Energy have taken center stage regarding how the corporation will maintain long-term profitability in the years to come. In the form of turbines and generators, the Power business of GE develops systems and solutions for generating electric power from sources like wind, oil, and gas (Direking, 2019). Even if this division is reported revenue for Q3 2019 was mere $3.9 billion, the $631 million quarterly loss is still preferred (Root, 2019, para. 5). Although the unit has already undergone top-down restructuring, it is still far from being considered a fixed unit because further work is being done to secure its success. The overall performance of all four sectors performed in the Table 1 below.

Table 1. GE’s 4 sector’s performance

The restructuring of GE’s portfolio came with a number of issues that the corporation ultimately neglected to solve, which resulted in subpar performance. There are numerous reasons why GE could not continue to produce quality results following restructuring. To start, the changeover process took longer than necessary, eventually extending over time and delaying the company’s entry into new industries. The overly optimistic statements made by GE management regarding the company’s future may be somewhat to blame for their tardy behavior.

General Electric must provide each business sector with the proper emphasis and attention as it moves forward. The firm should keep expanding through mergers and acquisitions. However, it is critical that these partnerships focus on the company’s current business divisions rather than spreading its resources too thinly over a wide range of product offerings. In order to continue reforming its organizational structure, General Electric should eliminate less lucrative business divisions and shift to a more industrial and technology division. The “Imagination at Work” campaign from General Electric should be kept up to promote its innovation and inform customers about the breadth of its offerings.

For the past 130 years, General Electric, a conglomerate corporation that takes on the most significant challenges globally, has consistently produced groundbreaking inventions. Undoubtedly, General Electric is among the world’s biggest and most prominent corporations. The company as a whole (General Energy) has demonstrated that through significant investments in research and development, it has established new business ventures like GE Health care and the union of GE Power and GE Renewable energy, which saw significant action in its wind energy turbine. There is still potential for GE Power to expand because electricity will always be needed, which is essential for economic progress.

Direking, D. (2019) General Electric’s 4 most profitable lines of business. Investopedia. Web.

Grant, R.M. (2018). Contemporary strategy analysis (10 th ed.). Wiley.

Root, A. (2019) GE power is making strides, but it’s still the early innings . Barron’s . Web.

Roy, S., & Kemme, D. (2020). The run-up to the global financial crisis: A longer historical view of financial liberalization, capital inflows, and asset bubbles. International Review of Financial Analysis, 69 , 1–27. Web.

21 Annual Report (Rep.). (2021). Web.

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General electric essay.

General Electric Company, often referred to as GE, is a publicly traded, United States–based multinational corporation that designs, produces, and markets an enormous range of products and services across six divisions. Despite having recently decided to shed its venerable home appliances unit, the company boasts an extensive list of business divisions, each with its own pervasive list of business units: GE Commercial Finance offers products and services, including loans and insurance, to manufacturers and distributors; GE Money offers credit cards, loans and mortgages, and deposit and savings products to consumers and retailers; GE Healthcare designs and manufactures medical imaging equipment and information technologies, medical diagnostics, and patient monitoring and life-support systems; GE Infrastructure manufactures aircraft engines of all sizes, turbines and generators, drilling equipment, oil and gas technology, electric diesel locomotives, and water process systems; NBC Universal develops, produces, and markets media and entertainment—such as film, television, news, sports, and special events—to a worldwide audience; GE Industrial offers lighting, factory automation systems, electrical power distribution and control systems, and security technologies. But this relatively short list of business units conceals the origins of a company that was founded in an era of transformative innovation.

GE traces part of its beginnings to the inventor Thomas Alva Edison, who established the Edison Electric Light Company in 1878. A few years before, Edison had established a laboratory in Menlo Park, New Jersey, at which he could explore work on electrical devices. From his laboratory, Edison promised to develop and sell one minor invention every 10 days and one major invention every six months. The first of many of the latter breakthroughs was the stock ticker. But it is his invention of the first commercially viable incandescent electric lamp, in 1879, that encouraged J. P. Morgan and the Vanderbilt family to partner with the inventor to take Edison Electric Light public. By 1890 Edison established the Edison General Electric Company by merging his three electric light manufacturing businesses.

But by 1892, with having to compete with other early electrical industry companies for patents and technologies, the Edison General Electric Company merged with Thomson-Houston Electric Company to create General Electric Company.

Going into the new century, Edison’s varied business offerings—which had grown to include at least lighting, transportation, communication, power systems, home appliances, and medical equipment—were now folded into the new company. At the same time, Charles A. Coffin had come from the Thomson-Houston side and was building the GE strategy as its first CEO.

Relatively early on, he accepted the pleas of chief consulting engineer Charles Proteus Steinmetz that the company should construct a research laboratory so as to maintain its lead in lighting and electricity and also to innovate and develop new products for its growing market. This laboratory, based in Schenectady, New York, was the first industrial laboratory in the United States.

In the following years, beyond improving its already successful product lines and developing new ones, the company also became one of the first to consider customer values and market appeal during the product design stage. And with the exception of some ethical and legal lapses in the mid-20th century, GE built on its strengths and continued to perform as one of the leading companies in business and industry. This held true during the Great Depression, as the company’s penchant for diversification tempered the difficult economic times. Later on, GE was also one of the first companies to utilize a decentralized organizational hierarchy that placed top management responsibility in an Executive Office and provided employees with considerable autonomy in their work.

Another feature of the organization is its dedication to employee development, the best evidence of which is the consistent promotion of people who have made long-standing and productive commitments to GE. This includes the list of people who have assumed the top position in the company, from the early days of Charles A. Coffin, E. W. Rice, Gerard Swope, and Owen D. Young to the eras of Charles E. Wilson, Philip D. Reed, Ralph J. Cordiner, Gerald L. Phillippe, and Fred J. Borch to the later 20th-century leadership of Reginald H. Jones and John F. (Jack) Welch.

Among this list of notable individuals, Jack Welch has achieved iconic status for having driven GE from a market value of approximately $14 billion, when he assumed leadership responsibilities in 1981, to something on the order of several hundred billion dollars when he left 20 years later. During that time, Welch also transformed GE from the United States’s 10th largest company by market capitalization to the world’s largest by market capitalization. Welch was succeeded by another long-term GE employee, Jeffrey R. Immelt. At present, GE is one of the world’s largest companies— and the only original Dow Jones Industrial Index company to remain on the list to this day. In 2008, GE’s revenue was $183 billion and earnings were $18.1 billion.

Bibliography:

• B. Carlson, Innovation as a Social Process: Elihu Thomson and the Rise of General Electric, 1870–1900 (Cambridge University Press, 1992);
• Eckes, General Electric’s Six Sigma Revolution: How General Electric and Others Turned Process Into Profits (Wiley, 2000);
• Jonnes, Empires of Light: Edison, Tesla, Westinghouse, and the Race to Electrify the World (Random House, 2004);
• Bill Lane, Jacked Up: The Inside Story of How Jack Welch Talked GE Into Becoming the World’s Greatest Company (McGrawHill Professional, 2008);
• William E. Rothschild, The Secret to GE’s Success (McGraw-Hill, 2007);
• E. Stross, The Wizard of Menlo Park: How Thomas Alva Edison Invented the Modern World (Crown, 2007);
• Welch and J. A. Byrne, Jack: Straight from the Gut (Warner Books, 2001).

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Overall, GE is a well-established brand that operates in different markets and focuses on industrial manufacturing, capital investments, and healthcare. Over the last several years, the company experiences issues with growth and market share decrease, which continued to decline throughout 2018. GE should focus on innovation and ecological approaches in its new strategies to achieve competitive advantage and on expanding its operations to the emerging markets.

Reference List

Agarwal, N & Brem, A. 2015. ‘ Strategic business transformation thought technology convergence: implications from General Electric’s industrial internet initiative ’. International Journal of Technology Management , vol. 67, no. 2/3/4, pp. 196-214. Web.

Ansoff, HI, Kipley, D, Lewis, AO, Helm-Stevens, R & Ansoff, R. 2019. Implanting strategic management , 3rd edn, Palgrave Macmillan, Cham, Switzerland.

Bhasin, H 2019. Top 12 GE competitors . Web.

Colvin, G 2018. What the hell happened at GE? . Web.

General Electric CO GE. 2019. Web.

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GE Sales vs. its Competitors Q4 2018.  2018 . Web.

Grant, RM. 2016. Contemporary strategy analysis: text and cases , 9th edn, Wiley, Chichester, United Kingdom.

Hill, CWL, Jones, GR & Schilling, MA. 2015. Strategic management: theory and cases: an integrated approach , Cengage Learning, Stamford, CT.

Kellner, T. 2018. GE, the next chapter: GE CEO lays out plans for the future of the company . Web.

Kissinger, D. 2017. General Electric (GE) PESTEL/PESTLE analysis & recommendations .  Web.

Our strategy. n.d. Web.

Siemens . n.d. Web.

Thompson, A. 2017. General electric’s (GE) generic strategy & intensive growth strategies . Web.

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BusinessEssay . "General Electric Company's Strategic Management." January 7, 2023. https://business-essay.com/general-electric-companys-strategic-management/.

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