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Vision and mission statements essay
Strengths and weaknesses of mission and vision statements
Strengths and weaknesses of mission and vision statements
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Introduction
In modern times, publicly traded corporations are very widespread all around the
world. A publicly traded corporation means that a company can be owned by a large group of
people. Each shareholder can influence the decision making of the company and get its
dividends from the profit. Being a publicly traded corporation means disclosure of all
financial statements, even if it can be used against the company by its competitors. A positive
issue is the raising of funds for expansion and investment.
General Electrical Company belongs to numerous publicly traded corporations in the
United States of America. It is a diversified industrial corporation. The official website of the
company gives information about the company’s work in four directions: building, curing,
moving and powering.
1) Building – General Electrical Company is building the world by providing capital,
expertise and infrastructure for a global economy;
2) Curing – General Electrical (GE) is constantly working to make the world a healthier place
by supplying the healthcare technology that saves nearly 3,000 lives every day;
3) Moving – the company moves the world in the safest, fastest and most efficient ways
possible;
4) Powering - GE powers the world with the cleanest, most advanced technologies and
energy solutions.
Currently, the company operates in such segments as GE Energy, GE Healthcare, GE
Aviation, GE Capital, GE Lighting, and Home & Business Solutions. There are over 300,000
employees in more than 100 countries.
Mission and Vision of General Electric Company
The mission and vision are very important parts of the company’s work. The mission
statement informs people what the company determine...
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...2012/pdf/GE_AR12.pdf
General Electric Company. (2008) The spirit & the letter. Retrieved from
http://files.gecompany.com/gecom/citizenship/pdfs/TheSpirit&TheLetter.pdf
General Electric Company. (2014a). The Governance and Public Affairs Committee Charter.
Retrieved from
http://www.ge.com/sites/default/files/GPAC_charter.pdf
General Electric Company. (2014b). Risk Committee Charter. Retrieved from
http://www.ge.com/sites/default/files/RC_charter.pdf
General Electric Company. (n.d.). Fact sheet. Retrieved from http://www.ge.com/about-
us/fact-sheet
Porter, M. E. (1980). Competitive strategy: Techniques for Analyzing Industries and
Competitors. New York: The Free Press.
Porter, M. E. (2008). The five competitive forces that shape strategy. Harvard Business
Review. Retrieved from
http://hbr.org/2008/01/the-five-competitive-forces-that-shape-
strategy/ar/1
Financial records are very important aspects to any corporation and making sure the records are accurate is essential. Determining how a corporation is going to do is a guess but it is based on previous year's financial statements and that is a reason finical records are so important. Making a profit is a goal for any corporation.
General Electric is a state-of-the-art company that specializes in building excellent appliances from lighting fixtures to kitchen appliances along other products. You will find many of these products in millions of homes and offices, factories, and retail facilities around the world work better. GE has a training and development program that employees can use. This program has enabled GE to remain prosperous since 1892. The General Electric was established by J. P. Morgan and Charles Coffin, G. E. has developed a management strategy that has penetrated the complex boundaries between management stages. Not only does GE have training programs available for its managers and employees, but for their customers as well. G.E’s entry-level leadership and experienced leadership programs have allowed this company to excel. G.E. also believes in having a learning culture. Learning is accomplished at G.E.’s John F. Welch Leadership Development Center. These programs and center have greatly contributed to the success and longevity of G.E.
As a citizen of America you have definitely seen a store owned by Gap Inc. such as stores like Old Navy, Gap, Banana Republic, Etc. These stores represent an ionic and proud American store since 1969 which has multiplied since they opened their first store in San Francisco. This marked the first of many stores that would open and take over America. Gap became an icon as it started to multiply as larger variety stores came about. Such stores as Old Navy taking over the lower budget gap clothing to Gap as a middle budget and on to Banana Republic which serves as a high profile high budget Gap Inc. store. Gap Inc. To the eyes of Don and Doris Fisher opening the first store was more than just selling jeans; it was to serve the people and to gain integrity. They also wanted to create a lasting impression to the consumers. This has become the mission statement for Gap Inc. and has stuck with them ever since they opened their first store. Gap has broadened their products from the jeans that Doris and Don could not fit and made to the countless of apparel items and accessories that they offer.
General Electric Company (GE) is a diversified technology, media and financial services company. With products and services ranging from aircrafts engines, power generation, water processing and security technology to medical imaging, business and consumer financing, media content and industrial products, it serves in more than 100 countries. This analysis will use financial ratios to see just how GE is performing as a Fortune 500 company.
General Electric (GE) is among the most profitable companies and, according to Fortune magazine, the most admired. It stock is the most highly valued in the world. Some critics would argue, if it's not broke, why fix it? Jack Welch, CEO of GE, believes in the "infinite capacity to improve everything." Why does a company that has experienced so much success recently invests over a billion dollars in a quality initiative? Increased competition has GE adopting the attitude that businesses that stand still become obsolete as businesses that continue to grow pass them by. Also by implementing Six Sigma, GE is preparing itself for future profitability opportunities. Finally, research indicated a need for improvement in the way GE does business. GE had been straining for years to increase operating margin and six sigma is a way to do that.
orter’s five forces In determining the competitive intensity and attractiveness of the market, Porter’s five forces is a framework that would help analyze the manufacturing industry of Lincoln Electric and observe the external and internal environmental factors that influence business strategy development for companies within the industry. The five forces are assumed to determine competitive power in a business situation in which these five forces are Supplier Power, Bargaining Power, Competitive Rivalry, Threat of Substitution, and Threat of New Entry. These industries possess characteristics that protect the high profitability of firms, with that said, the threat of entrants within this market is relatively low. This makes entering the market difficult for new startup companies due to the high levels of entry barriers.
1. How was Lincoln able to grow and prosper for so long in such a difficult commodity industry that forced out other giants such as General Electric, Westinghouse and BOC? What is the source of Lincoln’s outstanding and enduring success?
As we learn from the case study, the Lincoln Electric Company is the largest global manufacturer of machines for welding, which are used in all kinds of construction projects. This means that the company has a large global presence and many employees, so its culture affects thousands of its workers. Even though it is now 2014, the company still has a large market share and very satisfied employees, so clearly the culture leaves employees satisfied and motivates them to work hard for the company.
General Electric Corporation is a multi-billion dollar conglomerate founded in 1892. The company was founded in Schenectady, New York to capitalize on the patents of Thomas Edison and the use of electric power through generation and distribution. Now a blue chip publicly traded company that has branched out beyond its core into arenas such as aircraft engineering, television, and home appliances to name a few. Over the years the corporation has been through different management models that have brought innovation in many forms that have allowed them to be envied by companies around the world. Despite great success since its conception, like many companies who can withstand the test of times, it’s natural for them to become self-absorbed, which can have a negative impact on the company structure as a whole. Coming across someone like Jack Welch who can think out of the box and in a manner that doesn’t strain the resources of the company but expands the thinking of the company as a collective unit is needed to continue the legacy of innovation in all aspects of business.
For example, substitution of GE NBC is as easy as viewers switching a channel and advertisers switching networks. This creates a high level of competition that promotes companies to continually have the edge over their competitors.
Gertner, J., & Kratochwill, L. (2012). The Risk of a New Machine. Fast company, (164), 104-133.
For a company to be successful it is important that it has very good organization. Organization can be defined in many different ways. Bateman and Snell define organizing as assembling and coordinating the human, financial, physical, informational,
The company 's main headquarters are located in Santa Monica, California, but they also have a multitude of offices spread across the world. Due to its large size and extensive amount of capital and
The strategic planning process is the formulation of the company’s major objectives and execution plans. This process is of particular interest in GE. Strategy formulation is the process of choosing the best methods for a company where customer needs; competitive position and internal capability are the three factors that play the main role in strategic planning. Every manager needs to have at least a simple notion of strategic planning to formulate his strategic plans. Strategic Planning is a wide and complex subject. Strategic Management background is an essential basis of any organization.
Financial statements provide an overview of a business' financial condition in both short and long term. They help in understanding the past performance of the company and making future predictions about the company. It thus helps us to look beyond the profit figures.