General Electric Marketing Mix: General Electric, also known as GE, is a publicly-traded company. The headquarters of this multinational conglomerate is located in Fairfield, Connecticut. Although the decision to move its corporate headquarters from Fairfield to Boston was made in January 2016, it will take time before this transition is completed.
The company was founded by four founders, Edwin Houston and Elihu Thomson. Charles Coffin, Thomas Edison, and Charles Coffin. It currently deals in many sectors, such as finance, healthcare, software, and automotive. In 2012, GE was the fourth largest in the global marketplace. It has also been awarded twice the Nobel Prize for its employees Irving Langmuir and Ivar Gaever in 1932 and 1973, respectively.
Marketing Mix Of General Electric
Marketing Mix Of General Electric is brand-based. In Marketing Mix Of General Electric, We will Learn About the four key elements of Marketing Mix: products, place, price, and Promotions. By paying attention to the following four components of the marketing mix, a business can maximize its chances of a product being recognized and bought by customers. We will be discussing General Electric Marketing Mix. Below is the detailed Marketing Mix Of General Electric.
Let’s talk about General Electric Marketing Mix.
General Electric Main Competitors
- CITIGROUP INC
- Siemens AG
General Electric’s official website: www.ge.com
Product in the General Electric Marketing Mix:
General Electric is known for its operational excellence and driving rigor. Their products show this. They produce high-quality products and provide enhanced services to ensure they offer the best customer experience. The company supports many essential industries in the global market. Its operations can also be split into business segments, which include the following:
- Capital financing of GE comprises personal loans, credit cards, and home loans. Operating leases, commercial loans, and operating leases are also available.
- Technology Division includes equipment for monitoring patients, medical imaging and diagnostics, jet engines, replacement parts, card-accessing systems, fire detection, and intrusion products.
- Products related to Energy Infrastructure include engine derivatives of aircraft and systems related to water purification.
- The company’s Universal Division allows the cable network’s operation and assists in producing motion pictures.
- The Consumer and Industrial Division of General Electric includes gas and electric ranges and air conditioners for residential microwave ovens. Washers and refrigerators are also available.
- The oil and gas division includes the company’s processing, distribution drill, logging, gas LNG liquefaction, surface well control, sub-sea, and flow control.
- GE’s Mining Division includes mining related to water treatment and productivity solutions, power conversion, infrastructure, machinery, and analytic tools.
General electricity is everywhere. Reliance has a strong presence in many sectors in India, but General electric also has a significant presence in many other sectors. It is also performing well in all of those sectors.
Place in the General Electric Marketing Mix:
General Electric has adopted a lateral strategy to market some of its products, such as energy and health care. For its success, it has manufacturing plants, business offices, and distributors in almost every region of the globe. It has a network of nearly 100 countries, as well as subsidiaries in countries such as Mexico, Ontario, China, and Singapore. Its business projects can be found in many countries, including Africa, North Asia, and Australia.
General Electric made significant investments in Russia and now has a fleet of 1,500 units. It has helped to grow infrastructure resources such as oil, gas, and aviation in the Middle-east. It has also played a significant role in developing Indonesia’s infrastructure. Its operations are guided by a systemic distribution policy and efficient channelization. This defines how a global organization should function to achieve the best results.
Price in the Marketing Mix Of General Electric:
General Electric believes in high-quality products. Their prices are considerably lower than the competition. This is because they want to reach as many customers as possible. Because they have a portfolio with diversified products and services, they decided to pursue different pricing policies. In recognition of its customers’ efforts, the company has created a program called Power By The Hour to help its aircraft engines. The company acknowledges that a customer’s priority is to reduce downtime by offering service and maintenance. General Electric was forced to increase its pricing policy in 2004 for the infrastructure technology related to water and processing due to the global economy.
General Electric has adopted a premium policy as a leader in emerging technologies. General Electric has taken health imagination initiatives, including lowering prices due to its product line pricing policy in medical diagnosis and imaging to benefit all consumers. GE has attempted to maintain a competitive pricing policy for consumer and household products. This will allow it to generate revenues while also attracting customers at reasonable prices. The company has made every effort to adapt its pricing policies to different sub-divisions to avoid losing existing customers or adapting to the market. It has premium pricing in some instances and penetrative/competitive pricing in others.
Promotions in the General Electric Marketing Mix:
General Electric is a massive corporation with a wide range of interests. General Electric is a global brand that has achieved very high standards regarding services, products, and profits, particularly brand recognition. The marketing division has specialized efforts to promote the company’s diverse interests. Each segment must be taken care of to grow and evolve. The company’s current position at the top has been achieved through innovative ideas and timely presentations. General Electric offers a comprehensive training program that covers various topics such as leadership, education, and the latest technology. It appointed Responsys Inc in 2001 to implement the company’s email marketing programs.
It also features a catchy slogan that brings the best to life. GE has undertaken a co-branding marketing policy for some products and a Lateral-diversification policy for products that do not have commercial synergies with present products but may find a base with new consumers. Numerous commercials are shown on TV and online to highlight GE’s products and provide relevant information for interested parties.
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