Competitive Strategy & Innovation for Organization Growth

COMPETITIVE
STRATEGY &
INNOVATION: GE Case
Study
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TABLE OF CONTENTS
INTRODUCTION ............................................................................................................................................. 2
CORE COMPETENCIES AND CAPABILITIES ..................................................................................................... 2
STRATEGIC OPTIONS .................................................................................................................................... 5
OUTLINE OF OPTIONS ................................................................................................................................... 6
CONCLUSION ................................................................................................................................................. 8
REFERENCES .................................................................................................................................................. 9
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INTRODUCTION
Competitive strategy is considered as one of most critical aspect for every business firm
because it allows to ensure 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 lead business firm to
impressive level of 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
development.
about sustainable
CORE COMPETENCIES AND CAPABILITIES
As per the detailed study, it can be said that General Electronic Company is holding
better brand image in the market which allows to enhance the work opportunities. It has been
noticed that by having an effective application of diverse strategic options the business firm is
attaining better opportunities in the competitive market. In addition to this, it can be said that one
of key competency that business holds is impressive leadership. It allows to ensure that work
activities are being managed effectively so that goals and objectives can be accomplished (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 so that goals and objectives can be
accomplished in desired manner. It has been noticed that improved focus 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 so that better opportunities can be created. In addition to this, it can be stated that
high level of motivation and high level of work standards allows to advance the management
practice so that better opportunities can be attained.
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 energy, technology
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infrastructure, capital finance and consumer industrial. 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 aircraft engines, locomotives and other
transportation equipment, kitchen and laundry appliances, lighting, electric distribution and
control equipment, generators and turbines, and medical imaging equipment.
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 provides loans, operating
leases, financing programs, equipment leasing and other services to support businesses and jobs
around the world. It can be referred as core competency of business entity because it allows to
ensure that goals and objectives are being accomplished effectively (Verbeke, 2013). It has been
noticed that 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. 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 which allows to meet key goals and objectives (Zahra and Covin, 2003). By having an
improved focus on the 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 also critical aspect for
every business firm because it allows to meet objectives (Andersson, 2011). With an assistance
of talent management the business entity like GE is advancing work performance and
productivity. It also im proves the organisational culture and lead business firm to impressive
level of success. Company is also focused towards communication activities so that long term
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opportunities can be attained. 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. With an assistance of
this, effective application of strategies can be taken into account (Harvey, 2004). Innovation in
product line is also a critical aspect which lead business firm to impressive level of success. 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. In addition to
this, it can be said that technology is also being referred as critical aspect of every business firm.
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 so that goals and objectives can be accomplished in desired manner. With an assistance
of this, 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 lead business towards impressive level of success. By having an improved focus on the
technology the process mapping of company is also advanced. It assists in improving 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
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effectively. Along with this, the organisational structure is also critical aspect which need to be
referred effectively from the management in order to ensure that goals and objectives are being
accomplished. 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. It 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 so that goals and objectives can be accomplished effectively. Customer service allow
business firm to make sure that service quality is being advanced in order to meet objectives and
lead business firm to impressive level of success.
STRATEGIC OPTIONS
In addition to this, it can be stated that 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 positive impact in the performance of organisation. It has been noticed that
by having 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 is significant for
management of GE to ensure 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 so that goals and objectives can be accomplished effectively.
Effective management of RO is also beneficial because it allows to make sure that business is
having impressive level of success. Strategic options also enhance the analysis of product line and
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portfolio so that goals and objectives can be accomplished in desired manner. Diversification of work
activities is also essential because it allows to meet objectives and lead business firm to impressive level
of success. 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 so that goals and objectives can be accomplished. 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). It has been noticed 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 employed by the
experts in order to ensure that goals and objectives can be accomplished (Mehrjerdi, 2013). With an
assistance of this, risk can be measured in desired way so that sustainable opportunities can be attained.
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
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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 and lead business
firm to impressive level of success.
On the other side, 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 referred effectively from the management.
There are number of opportunities that a business firm can attain in present conditions. It has
been noticed that GE can have merger and acquisition with diverse companies so that opportunities can be
advanced. With an assistance of this, brand image and market share of company can be advanced
effectively in order to lead business firm towards impressive level of success. It has been noticed that
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. By
having an application of penetration the issues can be overcome in order to lead business towards
impressive level of success (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.
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Company can also enter in new market to advance the strategic opportunities and lead business firm to
impressive level of success.
CONCLUSION
As per above study, it can be concluded that General Electronic Company is holding better
brand image in the market which allows to enhance the work opportunities. It has been noticed
that by having an effective application of diverse strategic options the business firm is attaining
better opportunities in the competitive market. 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 energy, technology infrastructure, capital finance and consumer industrial. 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.
In addition to this, it can be said that by having an effective selection of options the
managers can have positive impact in the performance of organisation. It has been noticed that
by having an 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 also significant to refer by the management because it allows to ensure that goals and
objectives can be accomplished. 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 and lead
business firm to impressive level of success.
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REFERENCES
Books and Journals
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Hansen, F. And Smith, M., 2006. The ethics of business strategy. Handbook of Business
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Joseph, P. And Eshun, J., 2009. Business incubation as strategy. Business Strategy Series. 10(3).
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Kim, W. and Mauborgne, R., 2013. Blue Ocean Strategy: How To Create Uncontested Market
Space And Make The Competition Irrelevant. Harvard Business Press.
Mehrjerdi, Y., 2013. A framework for Six-Sigma driven RFID-enabled supply chain systems.
International Journal of Quality & Reliability Management. 30(2). pp.142 – 160.
Schwarz, J., 2011. Ex ante strategy evaluation: the case for business wargaming. Business
Strategy Series. 12(3).pp. 122-135.
Teece, D., 2010. Business Models, Business Strategy and Innovation. Long Range Planning.
43(2-3).pp. 172-194.
Thompson, J., 2001. Understanding Corporate Strategy. Thomson Learning.
Uggla, 2008. Strategic brand management decision: the case of Sony Ericsson Walkman. 24 (9).
PP.3 – 5.
Verbeke, S., 2013. International Business Strategy.
Wickramasinghe, V. and Jayaweera, M., 2011. Career management strategies among IT
professionals in offshore outsourced IT firms in Sri Lanka. Journal of Management
Development. 30(9). pp.914 – 926.
Zachariassen, F., 2008. Negotiation strategies in supply chain management. International
Journal of Physical Distribution & Logistics Management. 38(10). pp.764 – 781.
Zahra, S. and Covin, J., 2003. Business Strategy, Technology Policy and Firm Performance.
Strategic Management Journal. 14(6).pp. 451-478.
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Online
Strategic Planning Tools. 2015. [Online]. Available through:
[Access on 30 th January 2016].
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