General Electronic free essay sample

GE Vision Mission Statement In 1890, Thomas Edison established a company named Edison General Electric Company. In 1892, General Electric was formed by merger of Edison General Electric and Thomson-Houston Company. In 1896, General Electric was one of the original 12 companies listed on the newly-formed Dow Jones Industrial Average. The early company products are lighting, power transmission transportation, and industrial products which their produce today. General Electric started produce aircraft engine in 1917 and now one of the biggest aircraft engine companies in the United States today.Not only aircraft engine, but also General Electric produces lot of different products such as energy, appliances, media, and even finance. However, the former leader of General Electric Jack Welch has strong vision that General Electric should be Either number 1 or 2 in any business it is in. In 2001, Jeff Immelt became the ninth chairman of General Electric. He brought ecomagination into business and Imagination at work. This project started the same way many research projects do, with a key word search in the infamous website Google. However, after several attempts of looking for the General Electric’s mission and vision statements we discovered it was going to take some work and deep thought because this company has none. Well, none so easily defined. At first, we thought it was unusual that a company of this size would not have a vision and mission statement outlined. Yet, after doing hours of research it gradually became clear. This is a company that does not follow the trend; in fact, one couldn’t call GE a pacesetter either. That would be too restraining.The truth is General Electric about actualizing what no one else can see, realizing products or services that no company thought was possible. GE has a mission, and they certainly have a vision. As we embarked link after link on the General Electric website, the pieces of the puzzle started to make sense, yet we still couldn’t put them together. Then slowly as if a light bulb went off in our minds we realized that the GE’s vision is to solve the world’s biggest problems through imagination and innovation.They believe they can accomplish this vision by exploring one idea at a time. Diversity in products and services lends itself to support the big picture of solving the world’s problems through unique innovations that start with thinking of the impossible. Now that this core vision, this core philosophy is clear, it takes the complexity out of the picture and reveals the company’s simple yet powerful way of approaching its business. How does a General Electric achieve this level of success and sustainability?Through a mission that balances defined framework and a healthy imagination. Structure in GE can be found in the three distinct areas of global infrastructure, finance, and media. The infrastructure includes work in energy, health, transportation, and technological infrastructure, while the finance block includes an array of products and services aimed at bettering one’s future. Of course the media includes developing, producing and marketing film, television, and sports events to a global market. One the other side of the scale is the work in Healthymagination and Ecomagination.These areas explore new ideas and innovation in two critical areas: healthcare and the environment. If Vision is regarded like what the company wants to become, it has been defined by GE’s corporate vision like ‘to bring good things to life’ , setting the goal of becoming number one or number two in every market it serves. If Mission is regarded of how it desires to serve individuals and groups, GE has defined different missions for five strong businesses that are included in the three distinct areas of global infrastructure, finance, and media that we mentioned before.In Technology Infrastructure, desires to serve individuals and groups, helping to build the healthcare, transportation, and technology infrastructure of the new century. In the business of Energy Infrastructure, it want to do it leading the field in the development, implementation, and improvement of the products and technologies that harness resources such as wind, oil, gas, and water. In GE’s Capital businesses, enabling commercial, businesses and consumers worldwide to achieve their dre ams.In media and entertainment companies, developing, producing and marketing film, television, news, sports and special events to a huge global audience. Finally, in Consumer Industry businesses, the mission of GE is to serve individuals and groups changing innovations that improve the quality of life of millions of them everywhere. General Electric’s external opportunities and threats General Electric has a lot of business diversity such as electricity, energy, finance, and health care.The company’s growth platform is Ecomagination which they focus on green product. General Electric has great opportunity to grow those green products today. The president Obama’s cabinets try to meet its 2020 greenhouse gas emissions reduction target by supporting alternative energy sources such as sun, wind, and bio gas power. He promised to make $150 billion available for renewable and alternative energy over the next 10 years. On Monday, October 5th, 2009, President Barack Obama signed an Executive Order to launching the GreenGov Challenge.The main purpose of this order is to focus to reduce greenhouse gas emission. Those regulations from the U. S government are external opportunity for the General Electric. As I mentioned about the General Electric’s platform is Ecomagination and the company supplied twenty 1. 5 MW wind turbines to the Kaheawa Wind Farm on Maui. By this activity, it reduces greenhouse gas emissions by 160 million pounds and save 163,000 barrels of oil in every single year. General Electric has a great opportunity to grow when they keep focus on alternative energy.Among GE’s external opportunities there are those related to technology and infrastructure. The company plans to launch at least 100 innovations by 2015. It is going to invest $3 billion in research and development for it. GE wants to increase people’s access to its products and processes by 15% and increase quality by 15% by then. In the Healthcare business there is the opportunity of the ‘Healthy imagination’ initiative that is under the ‘Ecomagination’ project launched in 2005. GE continues to invest in new leading tools that are going to cure disease.Traditionally GE had focused on high-tech and high-cost products (like scanners), but the company will place greater emphasis on lower cost products, that deliver only what is needed (ultrasound machine, â€Å"low dose† scanner,†¦) More opportunities could come from creating a more valuable portfolio of businesses. GE wants to restructure low-return businesses and it wants to achieve a long term growth through dispositions and acquisitions. With a focus on core operations and the new portfolio, GE Capital’s competitiveness, as a smaller and more focused finance company, can be achieved.Emerging markets with orders from third world countries for the next ten years are another external opportunity. But this opportunity is already a two-way street for GE, with some products exporting from the US to China and India, where healthcare business is booming, but other products designed and built in the developing world and coming to the west or US local market. External threats in these emerging markets are related to reducing the barriers of entry into GE, allowing emerging countries competitive pressure, like in the copying area, that can undercut and undermine these emerging opportunities.