Introduction
Companies need effective strategies for long-term success and sustainability in today’s competitive business environment (Collinson et al., 2020). This report analyses the process and leadership of General Electric (G.E.), a global company operating in diverse industries. This analysis assesses G.E.’s strategic approach, organizational culture, and leadership style to gain insights into its performance and ability to overcome modern business challenges. This report analyses G.E.’s strategy and leadership, considering strategic schools, goal setting, organizational culture, leadership style, strategic management functions, implementation models, evaluation techniques, risk analysis, change management, creativity, innovation, and sustainable development. The report will analyze these elements to provide insights into G.E.’s strategic position and ability to succeed in a dynamic global business environment.
Setting Strategic Goals
Strategic goals are the basis of an organization’s strategy and guide decision-making and resource allocation (Renz, 2016). Strategic goal-setting is essential for General Electric (G.E.) to align its actions with its vision and mission. This section will detail how to set strategic goals for G.E., using KPIs and objectives to create long-term value for stakeholders. G.E.’s strategic goals should align with its vision and mission. The vision expresses the company’s future goals, while the mission defines its purpose and core operations. G.E. aligns strategic goals with its vision and mission to drive the organization toward its desired future.
Strategic goals must be SMART, meaning specific, measurable, achievable, relevant, and time-bound. The goals must be specific, measurable, achievable, relevant, and time-bound to align with the company’s strategy (Kaplan et al., 2019). G.E. may establish a strategic objective to attain a specific revenue growth level within a defined period or to enhance market share in a particular industry segment. Strategic goals should consider stakeholders’ interests to enhance long-term value creation. The process entails recognizing and ranking the requirements and anticipations of stakeholders such as shareholders, customers, employees, suppliers, and the wider community (Kaplan et al., 2019). G.E. may prioritize sustainable practices to address environmental concerns and meet the expectations of environmentally conscious stakeholders.
Strategic goal-setting should consider market trends, competition, and emerging opportunities. By analyzing the external environment, G.E. can identify growth opportunities and potential threats for strategic goal formulation (Rogelberg, 2017). This could entail market expansion, product innovation, or operational enhancement for competitiveness. Strategic goals must align with the organization’s resources and capabilities. G.E. should evaluate its internal strengths and weaknesses, including technological expertise, human capital, financial resources, and operational capabilities (Rogelberg, 2017). This analysis ensures the feasibility and effective execution of strategic goals.
Strategic goals require regular monitoring, review, and adjustment. Defining KPIs is essential to monitor progress toward goals and evaluating performance (Rogelberg, 2017). Regular performance assessment against KPIs enables G.E. to identify areas for improvement, adjust strategies accordingly, and stay on track toward achieving strategic goals.
Organizational Culture and Leadership Style
Organizational culture and leadership style influence strategy development, implementation, and execution. Comprehending General Electric’s (G.E.) strategic approach requires understanding its organizational culture and leadership style. This section will detail G.E.’s organizational culture, including its values, beliefs, norms, and leadership style. G.E.’s culture emphasizes performance, innovation, and accountability. The company’s core values of integrity, customer focus, and continuous improvement influence the behavior and decision-making of its employees (Mostert and Kern, 2021). G.E. is known for promoting a culture that prioritizes outcomes and recognizes exceptional performance while motivating employees to take responsibility for their tasks.
Shared beliefs and norms influence G.E.’s culture in addition to core values. Organizational values such as operational excellence, teamwork, adaptability, and ethical conduct are important (Mostert and Kern, 2021). Beliefs and norms establish a framework for the organization’s employee behavior and work approach. G.E.’s leadership style combines vision and results orientation. The company’s leaders have a track record of effective leadership, driving change, making bold decisions, and motivating employees (Hai et al., 2021). G.E. prioritizes leadership development and promotes a culture that emphasizes and nurtures influential leaders throughout the company.
G.E.’s leadership style emphasizes empowerment and accountability. G.E. leaders promote team empowerment, delegation of authority, and a culture of trust and collaboration. Hai et al. (2021) state they are responsible for achieving outcomes, promoting creativity, and generating stakeholder value. G.E.’s leadership style fosters an ownership culture, encouraging employees to take the initiative, be entrepreneurial, and drive positive change. G.E. has recently experienced leadership changes and shifted towards a decentralized decision-making approach. The new leadership style promotes autonomy and flexibility in business units, encouraging innovation and adaptability to market changes (Hai et al., 2021).
G.E.’s culture and leadership prioritize performance, innovation, and accountability. G.E. promotes a culture that encourages employees to align their actions with the company’s strategic objectives by promoting solid values, beliefs, and norms (Hai et al., 2021). G.E.’s leadership style fosters employee empowerment, accountability, collaboration, and a results-driven approach to achieving strategic goals.
Functions of Strategic Management and Levels of Strategy
Strategic management involves interrelated activities that direct the creation, execution, and assessment of strategies in an organization (Mubarak and Yusoff, 2019). G.E. utilizes these functions for efficient strategy development and execution. This section will examine strategic management functions, including environmental scanning, strategy formulation, implementation, and evaluation. This paper will analyze G.E.’s various strategic levels and their interconnections.
Environmental Scanning
G.E. conducts environmental scanning to evaluate external factors that could affect its strategic decisions. This requires examining the competition, market trends, technology, regulations, and other relevant factors (Zhu et al., 2021). Analyzing the external environment enables G.E. to recognize opportunities and threats, leading to better-informed strategy development.
Strategy Formulation
G.E.’s strategy involves setting long-term goals and identifying the most effective approach. The process involves evaluating internal strengths and weaknesses, matching capabilities with market opportunities, and deciding which businesses to pursue (Zhu et al., 2021). G.E. devises strategies at various levels (corporate, business, and functional) to maintain coherence and alignment throughout the organization.
Corporate Strategy
G.E.’s corporate strategy emphasizes the company’s scope and direction. Decisions regarding diversification, resource allocation, and portfolio management are involved (Pidun, 2019). G.E. has a varied history of operating in different industries, and its corporate strategy focuses on managing and optimizing its business portfolio.
Business Strategy
G.E. devises business strategies for its product lines or individual business units. To achieve sustainable competitive advantage within specific industries, it is necessary to define competitive positioning, identify target markets, and develop corresponding plans (Swartz and Iacobucci, 2020).
Functional Strategy
G.E.’s functional strategies align with the overall business and corporate strategies and are developed at the departmental level, including marketing, operations, and finance. These strategies optimize specific functions to support broader strategic objectives (Swartz & Iacobucci, 2020).
Strategy Implementation
G.E. prioritizes strategy implementation by converting strategic plans into action after formulation. Resource allocation, organizational structure, role definition, and process/system implementation are involved (Swartz & Iacobucci, 2020). G.E. aligns its organizational structure with its strategies to enhance coordination and collaboration.
Strategy Evaluation
G.E. regularly assesses its strategies for effectiveness and adjusts them accordingly. This entails tracking KPIs, performing reviews, and assessing the external environment regularly (Swartz & Iacobucci, 2020). G.E. employs evaluation techniques like gap and value chain analysis to identify improvement areas and align strategies with market changes.
The interdependence of strategy levels is vital for G.E.’s success. The corporate strategy sets the direction and boundaries for business and functional strategies. Business strategies are aligned with the corporate strategy to ensure the contribution of individual units to overall organizational goals. Functional strategies align specific functions and resources to achieve desired outcomes, supporting business strategies (Mubarak and Yusoff, 2019).
Value Proposition Formulation and Organizational Structure
Value proposition formulation is a crucial part of strategic management that specifies the distinct value a company provides to its customers (Payne et al., 2017). Assessing General Electric’s value proposition and alignment with the organizational structure is crucial. This section will analyze G.E.’s value proposition and its alignment with the organizational structure, emphasizing how the structure facilitates strategy implementation, communication, and coordination. G.E.’s value proposition is to offer innovative and high-quality products and services that meet customers’ changing needs. The company aims to provide efficient, productive, and sustainable solutions in healthcare, aviation, power, and renewable energy (Payne et al., 2017). G.E.’s value proposition is based on its technology, global presence, and industry expertise.
G.E.’s organizational structure is vital for supporting its value proposition implementation. G.E. employs a diversified business model across various industries and sectors. The company utilizes a matrix organizational structure that merges functional departments with business or product divisions (Galbraith, 2019). This structure allows G.E. to utilize its core strengths across various business units while concentrating on particular industry segments. The matrix structure enhances communication and coordination in G.E. G.E. can utilize shared resources and knowledge across the organization by combining functional expertise with business units (Galbraith, 2019). This structure enables effective decision-making and coordination by promoting cross-functional collaboration on projects and initiatives.
G.E.’s structure promotes innovation and collaboration to implement its value proposition. The matrix structure facilitates knowledge sharing and innovation among business units, leading to the development of advanced solutions (Galbraith, 2019). This approach aligns with G.E.’s value proposition of customer-centric and innovative products and services. G.E.’s structure enables flexibility in response to market changes. The matrix structure of G.E. facilitates prompt decision-making and adaptable resource allocation, enabling the company to take advantage of emerging opportunities and respond efficiently to industry disruptions (Galbraith, 2019). G.E.’s agility enables it to provide value to customers by staying ahead in a dynamic business environment.
Approaches to Strategy Implementation
Strategy implementation is a vital step in strategic management, where strategic plans are implemented (Nyariki, 2018). G.E. employs diverse methods to execute its strategies efficiently. This section will apply various approaches to strategy implementation, such as Porter’s generic strategies, to G.E.’s context. We will assess G.E.’s approach effectiveness and identify any innovative initiatives.
Porter’s Generic Strategies
Tanwar (2013) outlines Porter’s generic strategies as three methods for gaining a competitive advantage: cost leadership, differentiation, and focus. G.E. has utilized various business units and industry strategies to generate customer value.
Cost Leadership
G.E. has achieved cost leadership in some areas by utilizing economies of scale, operational efficiency, and supply chain optimization (Kalaignanam and Varadarajan, 2016). G.E.’s power and renewable energy division employs cost leadership strategies to ensure competitive pricing without compromising product quality or reliability.
Differentiation
G.E. prioritizes differentiation in industries that prioritize innovation, technology, and customer experience (Gebauer et al., 2019). G.E. has established itself as a leader in aviation, healthcare, and digital solutions through ongoing research and development, which has led to unique products and services.
Focus
G.E. utilizes a focus strategy by targeting niche markets or specific market segments. G.E.’s healthcare division specializes in providing medical equipment and solutions tailored to the specific needs of healthcare providers and patients (Gebauer et al., 2019).
G.E.’s strategy implementation can be assessed by analyzing its market position, customer satisfaction, and financial performance. G.E.’s successful implementation of strategies in each business unit and industry demonstrates its capability to utilize resources and capabilities for competitive advantage (Nyariki, 2018). G.E. has implemented innovative initiatives to support its strategy. It notably emphasizes digital transformation and IIoT. G.E. has incorporated technology and data analytics into its products and services, such as G.E. Digital and Predix, to improve operational efficiency, provide predictive maintenance, and increase customer value (Nyariki, 2018). G.E. has adopted an open innovation and collaboration with external partners and startups through G.E. Ventures and G.E. Additive. Collaborations have enabled G.E. to access novel technologies, broaden its product range, and promote innovation in its various business units (Nyariki, 2018).
Strategy Implementation Models and Evaluation Techniques
Organizations such as General Electric (G.E.) use different models and techniques to implement and evaluate strategies for effective execution and performance measurement. This section will analyze strategy implementation models, such as the 7S framework, Balanced Scorecard, and 5S, and their relevance to G.E. The paper will examine evaluation methods like gap analysis and value chain analysis to assess G.E.’s strategy and pinpoint areas for enhancement.
7S Framework
The McKinsey-developed 7S framework highlights seven crucial elements for organizational effectiveness: strategy, structure, systems, skills, style, staff, and shared values (Baishya, 2015). G.E. can use this model to evaluate the consistency and compatibility of these components with its strategic objectives. G.E. can assess if its structure, skills, competencies, and values align with the chosen strategy.
Balanced Scorecard
The Balanced Scorecard assesses an organization’s performance by examining financial, customer, internal process, and learning and growth perspectives (Pakurár et al., 2019). G.E. can utilize the Balanced Scorecard to track KPIs associated with these perspectives. This enables G.E. to evaluate its strategy’s efficacy across dimensions and pinpoint areas needing attention or enhancement.
5S Methodology
The 5S methodology aims to enhance workplace organization and efficiency by implementing five pillars: Sort, Set in Order, Shine, Standardise, and Sustain (Ghodrati and Zulkifli, 2012). Despite its primary use in operations and manufacturing settings, G.E. can apply this methodology to improve organizational effectiveness and support strategy implementation in all its business units. G.E. can enhance efficiency by standardizing processes, fostering continuous improvement culture, and organizing workspaces.
Gap analysis and value chain analysis can offer valuable insights into G.E.’s strategy and areas for enhancement in addition to these models.
Gap Analysis
Gap analysis identifies performance gaps between current and desired goals. This technique can help G.E. identify areas where it fails to achieve strategic objectives (Wade and Recardo, 2018). G.E. can develop action plans to bridge gaps and ensure effective strategy execution by comprehending them.
Value Chain Analysis
Value chain analysis identifies opportunities for adding value and enhancing competitiveness by examining an organization’s activities and processes (Gereffi and Fernandez-Stark, 2016). By analyzing its value chain, G.E. can enhance its operational efficiency, cost reduction, and product/service differentiation. This analysis aids G.E. in comprehending the contribution of each activity towards its competitive advantage and identifying optimization areas.
G.E. can use strategy implementation models and evaluation techniques to evaluate organizational alignment, monitor performance, and identify areas for improvement. The evaluation approach used by G.E. allows for informed decision-making, efficient resource allocation, and ongoing improvement of strategic execution (Gereffi and Fernandez-Stark, 2016). It enables competitiveness in dynamic markets and ensures the successful implementation of strategic initiatives.
Risk Analysis and Change Management
G.E. faces strategy-related risks due to its industries’ dynamic and competitive nature. This section will analyze the risks of G.E.’s strategy, including market, technological, and operational risks. This paper will examine G.E.’s risk identification and management practices and the importance of change management in adapting to market changes and achieving successful strategy execution.
Market Risks
Due to its presence in various industries, G.E. faces market risks, including changing customer demands, economic fluctuations, and intense competition (Belliveau et al., 2016). G.E. conducts market research, gathers customer feedback, and monitors industry trends to identify market risks. G.E. prioritizes diversification across industries, regions, and customer segments to manage risks. G.E. diversifies its portfolio to reduce market risks.
Technological Risks
Technology is crucial to G.E.’s strategy, especially in aviation, healthcare, and renewable energy. Technological risks encompass swift progressions, cybersecurity hazards, and potential interruptions from new technologies (Ku et al., 2018). G.E. mitigates these risks through R&D investments, strategic partnerships with tech leaders, and a strong focus on innovation. G.E. maintains a competitive advantage by monitoring technological advancements and adjusting its offerings accordingly.
Operational Risks
G.E. encounters operational risks linked to its worldwide operations, supply chain management, and manufacturing processes. The risks include supply disruptions, quality control issues, and regulatory compliance (Marucheck et al., 2011). G.E. implements robust risk management strategies, such as strict supplier selection, quality assurance protocols, and compliance monitoring. G.E. reduces operational risks and safeguards its reputation through efficient risk management systems.
Change management is essential for G.E. to adapt to changing market conditions and implement successful strategies. G.E. acknowledges the necessity of adjusting to evolving market dynamics and customer preferences. The company promotes innovation and agility as part of its change culture (Marucheck et al., 2011). The company fosters innovation and supports ongoing learning and development to prepare employees for navigating change.
G.E. employs communication, stakeholder engagement, and training programs in its change management practices to ensure seamless transitions during strategic initiatives (Marucheck et al., 2011). G.E. employs change management techniques like the A.D.K.A.R. model to encourage organizational change and secure employee support. G.E. improves its capacity to address market uncertainties, capitalize on opportunities, and attain strategic goals by proactively managing risks and embracing change (Marucheck et al., 2011). G.E.’s proactive approach helps it navigate complexities and maintain industry competitiveness.
Creativity, Innovation, and Problem-Solving
Creativity and innovation are crucial for solving strategic problems and promoting sustainable growth in competitive markets (Bocken and Geradts, 2020). G.E. values innovation, creative problem-solving, and implementing new initiatives to remain competitive. G.E. prioritizes creativity and innovation as crucial factors for its achievements. The company fosters a culture of creativity and innovation among all employees. G.E. promotes a creative culture that incentivizes and empowers employees to explore new possibilities.
G.E. utilizes diverse methods and tools to promote innovative problem-solving.
Design Thinking: G.E. applies design thinking principles to adopt a user-centric approach, emphasizing comprehension of customer requirements and devising creative solutions. Focusing on humans involves empathy, ideation, prototyping, and iteration to create innovative products, services, and processes (Allal-Chérif et al., 2022).
Cross-functional Collaboration: G.E. encourages cross-functional collaboration to benefit from diverse perspectives and expertise. G.E. promotes collaboration among diverse individuals to generate innovative ideas that can be transformed into practical solutions (Allal-Chérif et al., 2022).
Open Innovation: G.E. practices open innovation through partnerships with external entities such as startups and academic institutions. G.E. utilizes external expertise, technologies, and market insights through initiatives like G.E. Ventures and university partnerships. This strategy enhances innovation, broadens the firm’s capacities, and fosters revolutionary solutions (Allal-Chérif et al., 2022).
G.E. implements innovative initiatives to maintain a competitive edge and cultivate an innovative culture.
Digital Transformation: Correani et al. (2020) state that G.E. has utilized digital technologies to revolutionize its operations and products. G.E. utilizes data analytics, artificial intelligence, and the Industrial Internet of Things (IIoT) to optimize processes, improve product performance, and deliver new digital solutions through G.E. Digital and Predix initiatives.
Sustainability and Ecomagination: G.E. showcases its dedication to innovation and sustainability via the Ecomagination program. G.E. tackles environmental challenges and seizes new market opportunities by prioritizing the development of eco-friendly products and solutions (Correani et al., 2020).
Startup Collaboration: G.E. engages with startups through programs such as G.E. Additive and G.E. Ventures. G.E. leverages partnerships to access innovative technologies, explore novel business models, and foster innovation across its various industries (Correani et al., 2020).
G.E. maintains its industry leadership by prioritizing creativity, promoting innovative thinking, and implementing technology and collaboration initiatives. The company’s dedication to creativity and innovation allows it to address strategic issues, adjust to market fluctuations, and capitalize on growth and competitive benefits.
Sustainable Development
G.E. acknowledges the significance of incorporating sustainability into its strategy, as sustainable development is a crucial aspect for businesses in contemporary times. G.E. integrates E.S.G. factors in its decision-making to enhance long-term value and support sustainable development (Rondinelli & Berry, 2020).
Environmental Sustainability
G.E. recognizes its environmental impact and strives to minimize it. The company prioritizes creating environmentally sustainable products and solutions while advocating for energy efficiency and mitigating greenhouse gas emissions (Rondinelli and Berry, 2020). G.E.’s Ecomagination initiative demonstrates its dedication to environmental sustainability by promoting clean technology innovation and sustainable practices across its value chain.
Social Responsibility
G.E. acknowledges the importance of social responsibility and strives to benefit the communities where it conducts business. The company endorses social initiatives in healthcare, education, and community development (Rondinelli and Berry, 2020). G.E. participates in social causes through initiatives such as G.E. Foundation and employee volunteer programs to enhance the welfare of individuals and communities globally.
Governance and Ethics
G.E.’s sustainability strategy is reliant on good governance and ethical practices. The company follows strong corporate governance principles, transparent reporting, and ethical business practices (Rondinelli and Berry, 2020). G.E.’s strong governance fosters integrity and builds trust with stakeholders, ensuring accountability throughout the organization.
G.E. acknowledges that integrating E.S.G. factors in decision-making leads to sustainable value creation. Sustainability initiatives yield multiple benefits for G.E.
Enhanced Brand Reputation
G.E.’s emphasis on sustainability improves its brand image by positioning it as an environmentally and socially responsible corporation. According to Rondinelli and Berry (2020), this generates resonance among customers, investors, and other stakeholders, resulting in heightened trust and loyalty.
Operational Efficiency
Sustainability can lead to operational efficiencies, including decreased energy usage, waste minimization, and optimized resource allocation. Efficiencies enhance cost savings and overall performance (Rondinelli and Berry, 2020).
Access to New Markets
G.E.’s sustainability initiatives create business opportunities and expand market access. G.E.’s dedication to sustainable solutions places it in a favorable position to meet the growing market demands as sustainability gains global significance among customers and regulators (Rondinelli and Berry, 2020).
Risk Mitigation
G.E. reduces liabilities and reputational risks by managing environmental and social risks. Proactive risk management safeguards the company’s long-term viability and resilience.
Integrating sustainability into G.E.’s strategy aligns with global sustainability objectives and improves the company’s competitiveness, resilience, and long-term value. G.E.’s dedication to sustainable development establishes it as a responsible corporate entity and a pioneer in the shift towards a sustainable future.
Conclusion
Examining G.E.’s strategy in a changing environment yields significant discoveries. G.E. has established strategic objectives consistent with its vision and mission, focusing on generating long-term value for stakeholders. The company’s objectives and KPIs drive its strategic direction. Its organizational culture and leadership style significantly influence the strategy of G.E. The company has established an innovative culture that promotes creative thinking and questioning current norms among its employees. This culture facilitates G.E.’s adaptability to market changes and enhances its competitive edge. G.E.’s leadership style prioritizes employee empowerment, cross-functional collaboration, and change acceptance.
G.E. employs Porter’s generic strategies to position itself in the market and effectively implement it. The company employs various strategy implementation models, including the 7S framework, Balanced Scorecard, and 5S, to support its strategic initiatives. These models aid in executing strategies effectively, and offer means to assess performance and detect areas for enhancement. Risk analysis and change management are vital elements of G.E.’s strategy. The company employs comprehensive risk management practices to identify and manage market, technological, and operational risks. G.E. employs change management methodologies to implement strategies successfully in response to dynamic market conditions.
G.E.’s strategic problem-solving approach involves incorporating creativity and innovation. The company promotes an innovative culture and utilizes design thinking to solve strategic issues. G.E. integrates E.S.G. considerations into its decision-making processes, making sustainability a fundamental aspect of its strategy. G.E. improves brand reputation, gains operational efficiencies, enters new markets, and reduces risks. G.E.’s success in a competitive environment is attributed to its strategic goals, organizational culture, leadership style, strategy implementation, risk analysis, change management, creativity, innovation, and sustainable development practices. G.E. maintains its industry leadership and competitiveness by being agile, innovative, and socially responsible, ensuring long-term growth.
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