V. INTERNAL ENVIRONMENT: STRENGTHS AND WEAKNESSES Corporate Structure. General Electric has a board of directors is elected by the shareowners to oversee management and to assure that the long-term interests of the shareowners are being served (Governance Principles, n.d.). Board directors are responsible for making the key decisions for GE including counsel and oversight of management, financial and business strategies and actions, assessing risks and maintaining integrity for the company. This is in line with their business strategies and is organized on a combination on the basis of functions, projects and geography. This structure seems to relate closely to other companies of the same size and purpose.
Competencies. The core competencies …show more content…
Innovation is what keeps companies alive in the type of industry they are in. The environment is changing and will continue to change as other companies create and invent new technologies. It will change the dynamics, but GE will stay competitive if they continue to excel at innovation and acquisition of newly created products.
General Electric’s current strategy does fit with the external environment at this time by expanding infrastructure and consumer industrial. The activities GE does do support this environment as well.
Review of Mission Statement
While GE doesn’t have a specific vision or mission statement, the strategic factors do follow the company’s core values of integrity and transparency. The future of GE looks bright if they continue what they’ve been doing and strategize to do in the future. They will remain a leader in innovation and quality. I believe that GE should have a mission statement and vision statement that clearly reflects their purpose and goals. If GE had a mission statement that incorporated these two missing elements, the effect could motivate employees to focus on the company’s goals and strategies.
VII. STRATEGIC ALTERNATIVES AND RECOMMENDED STRATEGY (TOWS)
Strategic …show more content…
They should continue advancement within the company’s divisions and cross flow ideas to cut costs and boost efficiency in other departments; such as using the ceramic matrix composition used in GE Aviation in another part of the company such as GE Healthcare. This strategy would use current resources already available to the company in other areas, and cut costs by using known products. However, GE could potentially miss out on other R&D projects that may have worked better. Not focusing on expansion could hinder GE’s future on the world market as other companies scoop up
Competencies. The core competencies …show more content…
Innovation is what keeps companies alive in the type of industry they are in. The environment is changing and will continue to change as other companies create and invent new technologies. It will change the dynamics, but GE will stay competitive if they continue to excel at innovation and acquisition of newly created products.
General Electric’s current strategy does fit with the external environment at this time by expanding infrastructure and consumer industrial. The activities GE does do support this environment as well.
Review of Mission Statement
While GE doesn’t have a specific vision or mission statement, the strategic factors do follow the company’s core values of integrity and transparency. The future of GE looks bright if they continue what they’ve been doing and strategize to do in the future. They will remain a leader in innovation and quality. I believe that GE should have a mission statement and vision statement that clearly reflects their purpose and goals. If GE had a mission statement that incorporated these two missing elements, the effect could motivate employees to focus on the company’s goals and strategies.
VII. STRATEGIC ALTERNATIVES AND RECOMMENDED STRATEGY (TOWS)
Strategic …show more content…
They should continue advancement within the company’s divisions and cross flow ideas to cut costs and boost efficiency in other departments; such as using the ceramic matrix composition used in GE Aviation in another part of the company such as GE Healthcare. This strategy would use current resources already available to the company in other areas, and cut costs by using known products. However, GE could potentially miss out on other R&D projects that may have worked better. Not focusing on expansion could hinder GE’s future on the world market as other companies scoop up