GE was founded in 1878 and is headquartered at Connecticut. At present it is chaired by Jeffrey Immelt. The revenue of the company is $182.515 billion.GE operates in more than 100 countries, employs more than 320,000 people worldwide. According to business week survey GE is the fourth most recognised brand in the world. In 2009, Forbes has ranked GE as the world’s largest company. At the beginning of the 1980s General Electric determined a goal of increasing its market share.
This aim was achieved by acquiring Radio Corporation of America and advanced satellites divisions and disposing of its consumer electronics divisions. This was General Electric’s effective strategic planning that helped to increase the annual income. These are the GE strengths, weaknesses, opportunities, and threats that still form the basis of strategic planning.
Strategic planning means the formulation of the company’s major objectives and execution plans. 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. GE strategic planning objective is to increase its economies and at the same time to apply its advantages concerning company’s clients. There are three basic steps of gaining strategic planning within GE:
1) The formulating of a major business strategy. This is the basis of efforts to build a serious competitive advantage.
2) The adaptation of the major business strategy to all the markets where the company’s products are presented.
3) The globalization of the major business strategy. It means the company has to integrate the strategy in all the places of business operation.