Strategic Management And Business Policy: A Case Study Of General Electric Company

History

Discuss About The Strategic Management And Business Policy.

On 15^th April 1892, General Electric Company (GE) was incorporated in New York and headquartered in Boston (Reuters, 2018). The CEO of the company is John. L. Flannery since 1^st August 2017. General Electric includes goods and facilities like airplane locomotives, power generation and oil and gas manufacture tool for financing and manufacturing products. Segments of GE Company contains renewable energy, control on oil, gas, medical, conveyance, and investment (Sanders and Kandrot, 2010). In relations to gross revenue, General Electric is most powerful business across the world. General Electric is registered as the 26^th industry according to Fortune 500. General Electric has its name registered among the top business company because of its exclusive business procedures and customer satisfaction.

Earlier Mr. Welch was the CEO of General Electric. GE began to be involved in electrical technology. GE made major changes for car and airplanes, in 1920 (Reuters, 2018). In 1940 GE manufactured jet engine and become a major manufacturer of electric trains. General Electric manufactured many large locomotives. Now General Electric is one of the major productions of military and commercial jet airplane engines.

The vision of the company is “General Electric vision is to develop the company world’s major digital manufacturing company in America and across the globe. General Electric converts the business with software’s designed machines and descriptions and that are associated, responsive and analytical in nature” (Panmureinstitute, 2018).

The mission of the company is “To capitalize the next manufacturing era, to develop, change, cure and control the world” (Insight, 2013).

General Electric employees worldwide are committed to manufacturing jet engines to power, monetary services to plastics, and health imaging to new and information. General Electric statements are not a conservative mission and vision statement but it attains what it is proposed to “interconnect corporate determination or motive for being to its investors.” Managers in the organization use company mission statement to change policies for the various zones of actions throughout the organization in America. General Electric vision statement displays the objective to be not digital manufacturing enterprise but the leading unique amongst all the competitors. The next aim of the company vision statement defines objectives to do in terms of its goods. The company motive is to help clients perform actions with the problems. And all these elements of the company vision statement are replicated in General Electric company mission statement (Insight, 2013).  

Vision and Mission

• The government of America supports for digitization of businesses in the organization.
• The government also support for the move to renewable energy in General Electric.
• Increasing of knowledgeable information for the security in the organization by American government support(Y?lmaz and Ustao?lu, 2013).

• For the development of America economic growth is important.
• Disposable revenues of General Electric are growing (Fem for the university, 2016).
• Worldwide trade of General Electric from industrialized countries is growing.

• Approval for the green standard of living is growing in the environment of General Electric.
• Increase in the organization for acceptance of mobile machinery.
• Maintenance is there in the company for renewable energy use (Fem for the university, 2016).

• General Electric has increased in digital technology.
• Acceptance of operational mobile services is growing among the employees of General Electric.
• Increase in accessibility of renewable energy equipment with the workers in the company (Fem for the university, 2016).

• General Electric has limited oil reserves.
• There is an increase in availability of recycling materials in the organization.
• General Electric has risen in global energy consumption (Fem for the university, 2016).

• The company provides knowledgeable information for security laws.
• Growing difficulty of waste removal laws in the organization.
• There is the difficulty of online invention regulations in the firm (Fem for the university, 2016).

• Diversified: – GE Company has a varied collection and helps in diverse markets with all its corporate products.
• Income Stream is balanced: – GE’s varied range is kept with balanced income streams which reduce business risk.
• Strong R&D:- GE has a tough research and development. The tough R&D allows GE to bring in advanced products(Bas, 2013).

• Lawful Records: – GE has been a matter to various lawful records. The company has various legal cases pending.
• A high quantity of borrowed reserves: – GE has an important quantity of responsibility level which disturbs the company’s processes (Abhijeet, 2018).

• Strong overlook for GE Capital in the US: – Optimistic viewpoint in the US for GE capital. The demand for GE capital products can produce.
• Increasing demand in the airline business: – Through the world air transportation business is rising and increases in demand for a new airplane in General Electric (Jaber et al., 2015).

• Government Policies: – GE has to fulfill numerous eco-friendly and administrative regulations for the American government.
• Intense Struggle: – GE faces strong rivalry from numerous investment banks and economic organizations (Basin, 2018).

For various reasons, the organizations go for a strategic change. The performance of the organization is greatly influenced by the external environment. Companies undergo strategic change because of the forces of new opportunities or threats. Sometimes, organizations need to adopt change for financial issues to solve the problems. Management problems also sometimes act as the driving force for applying the strategic change (Hartung, 2017).

The major reason for the change in GE is the requirement of the new policy to modify the portfolio of the company and to concentrate on revenue and a new CEO to control the working structure as the organization day by day bearing the losses. General Electric company stock also needs a bigger change to survive. Former CEO Jeffery Immelt topped our list of CEOs who needed to go and finally in July CEO changed (Hartung, 2017). By introducing slashing guidance and resetting investor expectations General Electric Company tried to get ahead of the weakness of stock. New CEO John Flannery tried to control investors with a new detailed update of investor, in which the company highlighted its strengths and laid out plans to address its weakness (Hartung, 2017). The systematic working presentation was not sufficient. General Electric has to manufacture. In order to have faith in long-term value formation investors needed to see a route to get advanced incomes.  Below Immelt, the former CEO of GE has concentrated on profits. The approach was twisted from watching outside for new development markets and opportunities to observing inside for conducts to enhance the company via corporate sales, asset sales, and other saving. Sales were declining continually whereas leadership followed with higher margins. One of the world countless investor, innovator, and organizer of General Electric, Thomas Edison was shocked. At this point, it was important to save General Electric. General Electric continues to demolish which was once a great invention engine (Hartung, 2017).

There are many factors according to which there is a need for new strategy in General Electric (Millar, Hind and Magala, 2012). General Electric first step for change is appointing new CEO John L. Flannery. John made major changes in the brand positioning of a product. John also tried to create certain provisional changes as chairman, and he was somewhat successful in his change. John created a way for the expansion of business of General Electric. The change he made included a new company color palette (range of colors), modification in the General Electric logo, then new personalized font for the organization, changes in the company saying from “imagination at work” to changing with the slogan “in life we bring good things” (Joseph, 2012).

PESTLE of General Electric (GE)

External Environment of General Electric includes the customers, dealers, unions, stakeholder, management and many others. The organization has its own objectives and tasks associated with each other in the surroundings. Changes in political, social, financial, expertise and authorized atmosphere force the administration to change themselves (Syracusecoe, 2017).

Following are the points how external factors affect the need for strategic change in General Electric:-

Technology: – The modification of technology in the organization and other administrations follow the new technology. Under pressure, the administration becomes less lucrative and weakens its modest position. Therefore, General Electric is working on this technology (Syracusecoe, 2017).

Promotion conditions: – Every group in General Electric has to face a struggle in the market. It includes factors involved in producing, distributing and promoting the products.

Community Changes: – People’s ambitions, he wants and their conducts of working all reflect community changes. Because of numerous services the level of instruction, development, feeling of independence and influence on new evidence sources due to international factor. These community variations affect the nature of individuals in the environment of General Electric (Syracusecoe, 2017).

Governmental and lawful changes: – American Government and its lawful factors usually describe the actions which the organization can accept and procedures which will be monitored by in achieving those actions. Any modification in these governmental and lawful factors may disturb the business procedure of General Electric (Syracusecoe, 2017).

The inner environment of General Electric contains all the services and issues inside the business which can affect its marketing strategies. This factor includes the sales department, marketing department, managers, directors, employees, staff and the manufacturing unit (Syracusecoe, 2017).

Change in the administrative employees: – In addition, because of modification in executive employees of General Electric, there are ecological changes. New executives swapped the seat with old executives, which are important as of superannuation, elevation, and transmission. Every new executive brings new innovative concepts and a different technique of working in the society. Therefore, the end result is that a business has to alter accordingly (Syracusecoe, 2017).

Shortage in the existing business: – Occasionally it is essential to change because of lack of the current administrative procedure. These shortages may lead to the uncontrollable span of the organization, a huge amount of decision-making levels, lack in coordination among numerous divisions, difficulties in communication, lack of regularity in policy, the absence of teamwork among the line and staff, and so on (Adkar et al., 2012).

Nature of the workforce: – Over the passage of period the nature of workforce has altered in General Electric. Through diverse groups, dissimilar work values have been expressed. In mid-thirties to forties, workers are trustworthy to themselves only. The worker from the younger generation is more dedicated to their work. The new group gives more emphasis on human values because they have a better educational qualification. The employee’s expenditures are also very high which again put a stress on General Electric (Syracusecoe, 2017).

SWOT Analysis of General Electric (GE)

To escape emerging apathy: – To avoid developing inflexibility organizational changes in General Electric. The business should be self-motivated because we cannot use any single technique of administration every time. Therefore change is important so that individual grows a habit for modification. Other factors which create an impact on the business of General Electric include:-

• Many products of the organization have long product development cycle and produce worth and effectiveness are dangerous for growth.
• Investigation and expansion expenses are very important to the organization industry.
• Numerous product of the organization questions a number of regulatory values (Grant, 2016).

If the administration does not completely answer to strategic change it may seriously affect them. The organizations also must respond at the right time. In a strategic change of the organization the main resources involved are the human resources (HR), financial resources and physical resources (Feedough, 2018).

Human Resources: – Human Resources of General Electric include interviewing, hiring, training, redundancies, restricting, etc. Human Resource is vital. Unnecessary expenditure and time lag is the result of lack of co-operation in Human Resources of the organization. If the HR manager would not act as it is scheduled, then no planned variation can be effective in the company. The individual nature is to enjoy the static environment and they always look comfortable in what they do. Human Resource in the organization always has a tendency to struggle to change. Therefore if the administrative team is not inspired about their new strategic change, their enthusiasm level will be little which will have an influence on competence and excellence of the project (Tilles, 2018). The HR of General Electric is motivated by creating them part of variation technique and providing proper training sideways with looking for contribution will encourage them and create things relaxed for workers as well as the association. Sometimes, it is a time-consuming and costly process to hire new employees or staff and give training to them. So steps should be taken at the right time so that General Electric will not be affected by time management and operation of a change strategy (Wheelen and Hunger, 2011). 

Training: – Training process includes a lot of expenses and is too timewasting for the organization. If the employees understand the importance of tactical change then there is no requirement for General Electric to expend money on training.  

Financial Resources: – Cost incurred by the organization for the renovation of existing buildings infrastructure, repositioning, costs in new buildings, redundancy costs and training cost (Tilles, 2018).

Physical Resources: – Physical resources of General Electric are concerned with machines, vehicles, buildings, equipment etc.

Change is an unavoidable aspect of life. The strategic, operational and everyday aspect of the organization leads to the successful change. According to the circumstances, managers of General Electric need to consider how to balance the different approaches to strategic change (Appelbaum et al., 2012).  

Need for change in General Electric

Kotter’s Model is an easy-going systematic model which delivers a strong explanation and control of the complete procedure of alteration. Give importance to the training of employees for the success of the organization. Kotter gives major focus on building acceptability for change so that the employees get mold easily. Kotter’s model is a step by step model (Mishra, 2013) therefore; skipping a single step can cause a serious issue for the organization. The procedure is very time-consuming and expensive. Kotter recognized eight stages of changes; General Electric can be successful by managing the change and can achieve a goal and business improvements (Appelbaum et al., 2012). Following are the steps for the relevance of the model to General Electric:-

Step1: Create Determination

• General Electric can recognize and emphases on the possible threats and the impacts which could happen in upcoming.
• Investigate the changes in the organization which could be selected to expand the business (Kotter, 2012).
• Recruit honest discussions in the organization to make people think over the prevalent issues and give substantial reasons.
• General Electric demand for funding from customers, outside investors, and industry people.

Steps 2:- Form a Powerful Coalition

• Recognizing the active modification of leaders in General Electric and also the investors, demanding their participation and promise towards the entire process (Kotter, 2012).
• Work on team building to form a powerful change union in the organization.
• Identify the organization weak areas to safeguard that the association has a decent combination of employees from dissimilar departments and dissimilar levels.

Step 3:- Produce an Idea for Modification

• Determining the basic values of General Electric, defining the ultimate goal of GE and the strategy for understanding the change in the company.
• Ensure that strategy change coalition can define the vision of General Electric (Kotter, 2012).

 Step 4:- Communicate the vision:-

• Communicate the change in the vision of General Electric in a convincing way.
• Link the idea statement of General Electric with all the features like employee appraisal, training, etc.
• General Electric deal with the subjects of individuals honestly and with full concentration (Small et al., 2016).

 Step 5:- Removing Obstacles:-

• Ensure that the process of General Electric and its organization are in place and are associated with the complete company idea.
• Continue check for obstacles and start practical activities to remove the problems included in the company procedure (Eayrs, Cadrin and Glass, 2014).
• Reward employees for support and change in the process of General Electric.

 Step 6:- Create short-term wins:-

• In the change process, if we create short-term wins in the early stage, the organization can feel of victory.
• Instead of one long-term goal, we can create many short-term targets, which are easy to achieve, less cost-effective and lesser possibility of failure (Kleber et al., 2013).
• General Electric reward people who achieve the targets.

 Step 7:- Construct on the transformation

• By analyzing the achievement stories General Electric achieve constant development.
• Keep thoughts new by conveying in a new modification in the organization.

                        Step 8:- Translate the variation in company culture

• Safeguard that the variation becomes an essential part of the organization environment and is noticeable in every department of the organization.
• Ensure that the company leaders should support the organization and moreover new leaders last to spread the business and helps towards modification (Kotter, 2012).

The ADKAR Model is an objective-oriented change organization model to help employees and the organization change. ADKAR includes the five outcomes to be effective: awareness, desire, knowledge, ability, reinforcement an individual must follow for change in the organization (General Electric). When functional to the organization, this model permits leaders and change organization teams to an emphasis on their actions that will achieve the organization goal (Worley, and Mohrman, 2014). ADKAR Model is simple and easy to use for everyone in the company. Workers, executives and senior leaders all can use ADKAR Model to discuss and describe change composed. Change is often a complex and problematic procedure. Therefore to manage change on the personal and the organization level it is important to require new ideas, a new model for alteration and innovative agendas and tools to allow the level execution of the anticipated alteration. ADKAR can be useful to a varied diversity of change to drive variation accomplishment (Bragard et al., 2010). Following are the five outcomes relevant to the organization:

1. Awareness: – Awareness of the need for change in the business or the organization is very important. Clarifying to the employees that customer will not support old software, and to meet the needs and wants of consumers new software is important and will improve efficiency these all include awareness. The awareness messages send by the senior manager in the organization will be more effective for the employees (Worley, and Mohrman, 2014).
2. Desire:- Desire is the inspiration for employees to involve with the change in the organization. To create desire executive can also help by understanding the variation in the significant terms and serving them so that they can contribute more in the change. The executive performs a key character here, as the employees will take an own decision to contribute to the variation or not will be based on the motivation given by the manager (Worley, and Mohrman, 2014).
3. Knowledge:- Knowledge is the relevant skill that the participant of General Electric will have for the change. Training should be provided to employees to train them and involve in awareness building. Ensure that the training is detailed to the worker’s role in the modification of the organization (Zhao et al., 2013).
4. Ability:- General Electric perform in the upcoming altered the environment and having the capability to really execute in the upcoming transformed environment are very dissimilar. To understand a variation, personnel need time and when the capability is accomplished, the transformation takes place, and the organization will determine fresh actions (Worley, and Mohrman, 2014).
5. Reinforcement:- Reinforcement is the determining and evaluation that is put in place to safeguard the modification and workers do not fall back to the older way of working. Performance appraisal is the best method in the organization to reward workers for the manufacture of the variation and to explain to them that their involvement is important (Worley, and Mohrman, 2014).

Therefore change management is compulsory in General Electric to plan management. Project management safeguards the project explanation is calculated established and distributed, while change management guarantees the project explanation is efficiently approved and used. Driving positive individual evolutions must be the main attention of the actions taken in administrative change organization.

In planning strategic changes for General Electric stakeholders needed to be involved. Stakeholders involve the development of the changes lies upon the variety of issues such as their impact, their significance and the number of changes which going to affect them (Dudovskiy, 2012).

Factors that drive the need for strategic change

Change management approach with shareholders

General Electric organization approach with shareholders mainly lies on the level of control of each shareholder. The company is recommended to an agreement with its shareholders on the basis of the following figure (Tinypulse, 2018):

(Dudovskiy, 2012)

  According to the figure (Dudovskiy, 2012), General Electric stakeholders need to be closely managed by more power and more level of concentration. Customers with a more level of control and less level of interest stakeholders of the company management require to be reserved fulfilled. Suppliers using a low level of power and more level of attention stakeholders in the organization are essential to be kept informed about the change through various communication channels. General public with a little level of power and little level of attention stakeholders require to be kept observed with minimum determinations and properties. The system proposed for the company (GE) to include stakeholders in change planning, establishing a well-organized method for developing an actual change plan and participate in its organized implementation. In the process of ‘co-creating’ involves improvement of employees and managers and develop joint scenario analysis (Freeman, 2010).

Change is never easy. It is important for survival, and those companies that struggle for a change too long will be left in the dust. Not every individual in the organization committed to change. Many employees hate to change their surrounding and will react negatively every time (Dukes, 2018).

1. Be upfront about the reason for the change: – To reduce or to prevent rumors from spreading, the organization should clearly communicate with the entire workforce (like the staff, employees, workers, labors) the need for change. The organization should explain what the problems the company is trying to solve and the options that are considered (Dudovskiy, 2012).
2. Demonstrate enthusiasm for the change: – In the organization, if the management is not dedicated to the change, then employees at every level will hesitate (Dukes, 2018). Therefore shoe employees that the management of the company is concerned about the change. Actions always speak louder than words, so it will be easy to win the confidence of employees about how the change will benefit them. If management commits to becoming an expert in the process and helps employees feel more confident about the success of the project (Taher, Krotov and Silva, 2015).
3. Over-communicate throughout the process: – Forecasting the information and process for implementing the change, will make easily available for the employees. Share all the updates about process frequently and what needs to be improved. This kind of authenticity and transparency encourages the trust and faith in their employer and have confidence the organization has their best interests (Dukes, 2018).  

In stakeholders struggle, there are four types of major reasons i.e. self- awareness, less patience for modification, dissimilar calculations of the condition and misinterpretation.

Self- Awareness: – Concern with how variations will disturb the organization attention, in place of concerned the effect of the achievement of the company.

Less Patience for Modification: – Many individuals are very busy with safety and constancy of their effort in the organization (Davis, 2012).

Changed Valuations of the Condition: – Dissimilarity on the motives for the variation and on the benefits and drawbacks of the variation procedure of the organization.

Misinterpretation: – Communiqué issues, lack of evidence.

After the identification of the kinds of alteration resistance that are currently in the association. Following are six approaches for allocating with change resistance use them to create steps for a plan that resistance in the organization (Mohsenian-Rad and Leon-Garcia, 2010).

• Education and Communication: – We should educate people about the change and communicate them it is one of the greatest methods to overwhelmed resistance. To educate as well as communicate information helps workers and changes their logic towards the task. This controls the inappropriate rumors regarding the properties of change in the association (Dukes, 2018).
• Contribution and Engrossment:- Workers are complex in the variation effort they are further likely to accept rather than struggle it.
• Facilitation and Support:- During difficult times managers support employees. Administrative support helps workers deal with anxiety and nervousness throughout the task. Special training for employees, counseling and time off work are the factors this approach is concerned (Dukes, 2018).
• Negotiation and Agreement:- Managers can offer incentives to employees for their work. Transformation regulators can be offered motivations to go to another place in the company in order to escape transformation power. This method will be suitable where those struggling changes are in a place of control.
• Management and Co-optation: – Co-optation involves the superior gesture of carrying an individual into a variation management. These leaders can be given a representative role in judgment creation without threatening the change effort (Dukes, 2018).
• Obvious and Understood Coercion: – Managers can make clear that the resisting variations can cause to losing employment, firing from the company, or not promoting workers. This is how implicit and explicit force individual. (Gonzalez-Zapata and Heeks,2015).

The modern-day manager of General Electric key skill is Stakeholder management and helps to get people on board with new ideas. Stakeholder Analysis is useful in searching for who to get on board, who to target and where to capitalize energy in developing a strong relationship. Employed with the right person we can get their thoughts and contribution to gain a contract with others. This will benefit the organization to get more incomes for the assignment and new concepts. First, we need to understand the stakeholders of the organization to conduct stakeholder analysis. Think how new idea or project will benefit the organization in their work, what is important to the organization, what the company wants to know and what they do not want to know (Eskerod and Jepsen, 2016).

External Factors

RACI matrix is used in a place where General Electric needs to represent responsibilities to individuals or want to arrange incomes (Ackermann, 2011). Allocation is a necessary portion of a task where executive recognizes roles and responsibilities in a task which is essential. As a project executive, it is necessary that the organization set the opportunities of an individual involved in the organization project. RACI model is a method helps in recognizing person work and duties and also helps in decreasing misunderstanding during a task. RACI stands for (Ackermann and Eden, 2011):

Responsible: – The individual in the organization who will be made answerable for performance/carrying out the assignment. They can make judgments on how to do it but are accountable for carrying the correct end outcome.

Liable: – The individual of General Electric who carries the liability for the assignment and is usually the individual who passed on the task to the creature accountable. They check the final conclusion and approve their work (Ackermann and Eden, 2011).

Consulted: – The person who gives advice, guidance and with whom there is double- way communication. They generally do not do the assignment but are usually skilled or need to give their contract and finishes the task or a component of it is being done properly.

Cognizant: – Every individual in the organization wants to be informed about the development and updated when the assignment is accomplished. They should have information about the task (Ackermann and Eden, 2011).

1. In delivering the project identify all the task involved and right them on the leftward side of the diagram in completing the demand.
2. Recognize and list the task activities at the top of the chart (Ackermann and Eden, 2011).
3. By completing the lockups of the chart we can identify who has the obligation, the liability and who will be accessed and educated for each assignment.
4. Define the role accountable and role responsibilities for every assignment.
5. Role accountable should not be there in more than one assignment. Solve problems if there is the extra role that only one role for a specific task (Ackermann and Eden, 2011).
6. Deliberate, share and decide with the stakeholders of the organization on RACI Matrix before the assignment starts.

Step	Project Initiation	Project Executive	Project Manager	Business Analyst	Technical Architect	Application Developers
1	Task 1	C	A/R	C	I	I
2	Task 2	A	I	R	C	I
3	Task 3	A	I	R	C	I
4	Task 4	C	A	I	R	I

 

Conclusion 

From the above discussion, it has concluded that General Electric faced a lot of problems to become one of the world’s largest digital industrial manufactures of armed and commercial jet airplane locomotives. The American economy faced recession when General Electric appointed John L. Flannery; he is the new CEO of the company. To control the leverage presentation of the varied portfolio of General Electric, the new CEO directed in new determination to be better and to restructure the company. He started breaking down of workers working in General Electric to improve the working environment. Various models are being used to change the company. Kotter’s Model and ADKAR Model improves the working structure of the organization and creates effectiveness, desire, awareness, responsiveness among the employees. The company made investments in areas where there is a major economic downturn and this was the unique pattern of globalization in the company. From the SWOT analysis of the company, it can be analyzed that the products and services of the company are offering a demand in the market. And from PESTLE analysis of the company, it is concluded that the company is fulfilling ethical and legal requirements which support for digitalization of business in the organization. This successful execution of strategies brings about in a continued change in the company and enables the company to survive in the environment for the long run.

The SWOT of General Electric highlights the important method to produce and enlarge the industry in the face of quickly altering business surroundings. The company executives require focusing on development and constancy that exploit on company powers and chances and creative ways to keep General Electric from the effects of weakness and fears. General Electric is extremely expanded company. The products range includes from technology, automotive, home appliances, aviation to financial services and insurance services. More diversification leads to too difficult to manage. If the company grows too rapidly it may create a problem. It is recommended that General Electric continue to invest in research and development in order to grab competition. It is also recommended that it would be advantageous to have the CEO and Chairman of the Board positions separate. Most companies in the United States have the same person for their positions. It is also recommended that General Electric:

1. Improve and enlarge its procedures in the renewable energy manufacturing.
2. Spread its procedures established on the digitalization this will create new development chances established on businesses industrial improvement.
3. Raise its level of saturation in emerging the market.
4. Improve modest benefits and goods through industrial modernization that reflects gadgets machinery.

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