Marketing Strategy of General Electric – General Electric Marketing Strategy: It was founded in 1878 by Thomas A. Edition on 18th December 1878. General Electric has expanded into a multi-fold company with its presence in a broad spectrum of businesses and industries. The company’s services and services span from aircraft, Appliances & Lighting, Oil & Gas, Healthcare, GE Capital, consumer financing, power, and water, as well as industrial products.
General Electric At A Glance – Marketing Strategy of General Electric
Company: General Electric Company (GE)
CEO: H. Lawrence Culp Jr.
Founder: Thomas Edison | Elihu Thomson | Charles A. Coffin | Edwin J. Houston | J. P. Morgan
Year founded: 15 April 1892, Schenectady, New York, United States
Headquarters: Boston, Massachusetts, United States
Annual Revenue: US$74.1 billion
Profit | Net income: US$-3.3 billion
Number of employees: 205,000
Products & Services: Electrical and electronic equipment, Aircraft engines | Financial services
General Electric Competitors
General Electric Fun Facts: The world’s first ever voice radio broadcast in 1906 was thanks to a General Electric engineer named Ernst Frederick Werner Alexanderson.
Marketing Strategy of General Electric
General Electric’s Marketing Strategy covers various aspects of the business right from segmentation and targeting to the overall mission and vision of the company and the various parameters which the company executes to become the top brand that it has in the market. So what is the Marketing Strategy of General Electric? Let’s discuss this.
Segmentation, Targeting, Positioning – General Electric Marketing Strategy
General Electric uses a mix of psychographic, demographic, and geographical segmentation to meet the evolving demands and needs of customers in line with.
General Electric is involved in a variety of products and services, it has a distinct target approach.
General Electric has repositioned itself as a technology-driven company that offers value-based products and services.
General Electric Mission Statement
“To invent the next industrial era, to build, move, power and cure the world”
General Electric Vision Statement
General Electric Tagline
“Imagination at work”
Competitive Advantage – Marketing Strategy of General Electric
Digitization of processes: To emerge as an important competitor within this marketplace and become the first industrial corporation to go digital. GE is integrating its operations and has placed 200K machines across the globe that connect diverse tasks like sourcing engineering, processing commercial, and many more functions. For its customers, it has developed over 100 industrial apps that support its business across various sectors.
Strategic alliances and acquisitions: Incorporating companies or working with them has helped the business by utilizing its technology and skills to compete in the marketplace. The companies that were acquired by GE include Alstom, Lufkin industries, Jhon wood Plc, Opal Software, Dresser Inc., and many others. In the last few days, GE is in talks with the oilfield service provider Baker Hughes for a probable partnership.
BCG Matrix – General Electric Marketing Strategy
General Electric has six strategic business units (SBUs). It is involved in industries like Power & Energy, Renewable energy, Oil Gas, Energy Management, Healthcare, Transportation, Appliances & Lighting as well as the capital and financial sector.
Its Oil and gas and energy management power and renewable energy business lines the company stand out on the BCG matrix as other SBUs from General Electric are a question mark.
Distribution Strategy – Marketing Strategy of General Electric
GE is a supplier of high-end, specialized products. It offers either products in-house or from third parties which make use of the latest technology and integrated manufacturing facilities to enhance the efficiency in operation. efficiency and standardize, and meet the various quality standards in a strict manner.
Based on the products and services offered, it utilizes a multilevel and diverse values distribution method. For transportation, healthcare, appliances, and lighting, as well as finance and capital it makes use of a combination of its individual sales channels, the distribution network as well as other intermediaries.
For renewable energy, power, Oil Gas, and Energy Management it utilizes its own distribution channel.
Brand equity – General Electric Marketing Strategy
Being a part of such a diversifying product and service collection has assisted the company in maintaining its prominence in the market. It was placed at 68 on the Forbes 2000’s list, with a market capitalization of $285.6 billion (as of the month of May 2016).
In the Fortune list of the world’s most loved corporations, it is placed at 11 with a ranking of 2 in the industry.
Competitive Analysis – General Electric Marketing Strategy
The industries that GE operates and engages in have different levels of competition. the intellectual assets accumulated by the company as well as its ability to support business are what enables the company to remain on the top for over 138 years. The operations of GE in more than 180 countries and the integration of systems and processes across its businesses build the ecosystem that supports the company stay ahead of its competition.
Market Analysis – Marketing Strategy of General Electric
A rising cost of labor, a change in the lifestyle of people as well as the rise of automation in business, increasing awareness of digital worldwide, the growth of emerging nations, and the increase in purchasing power are just a few of the reasons that affect General Electric across different SBU’s. The market is crowded with an abundance of companies that are eating the other’s market share in a certain business. There are only a handful of firms operating in these sectors and the biggest obstacles are the lack of resources as well as the government’s regulations.
Customer Analysis – General Electric Marketing Strategy
The customers of General Electric are resellers, distributors, corporate firms as well as government organizations that are involved in a specific industry. General Electric has broad product and service offerings that are designed to meet the needs of all customers, that range from small and medium businesses to multinational corporations and conglomerates.
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