How A Company Can Use Its Weaknesses And Opportunities

The original business strategy, which is still not fully implemented or thought out, is still intact and being somewhat utilized. Part of getting from where we are now to where we want to go, is to put together a comprehensive business and growth strategy plan that, brings about the most results. The original business strategy resembled that of a small business that had the most growth with the least risk. With little risk also means little or no technology. The company has changed, the competition is more intense and the economy is weakened. A new strategy that aligns with technology is essential in order to be successful. As business and technology have become increasingly intertwined, the strategic alignment of the two has emerged as a major corporate issue. With the emergence of IT from the back room to the forefront of business brings the alignment issue under the spotlight like never before. And as

A wise man once said, “The only permanent thing in the world is change,” an adage that rings especially true for organizations in this fast-changing era of technology and communication. Daft very deftly puts the inescapable need for change in three simple words, “Innovate or Perish” in his book “Understanding the Theory & Design of Organizations” [2].

One frequently asked question in business today that is least answered is, as stated by David Chaudron, PhD (2003), “What can we do to make our business flourish, survive and grow?” With the rapid changes in technology and the rise in the globalization of markets, we must have a game plan in place for adjusting to these changes. It has become increasingly difficult to predict what is going to happen, and there are thousands of obstacles and opportunities along the way. To add to the confusion, there are thousands of products, solutions and methods for dealing with these changes. With many brands, sizes and varieties it is very difficult to choose what is best for your organization. Add to that,

Analyzing GE’s corporate-level strategy from 2001 – present with Jeff Immelt as CEO, GE focuses on the growth and development platforms. Technology is the key driving force for GE’s future and growth. Advancements in industries such as energy, health and aviation fueled demand for cleaner and more efficient energy production. GE identified new markets with potential high-growth that offered attractive returns through strategic mergers and acquisitions. As CEO, Jeff Immelt established a process for identifying projects that offered attractive growth potential which were then nurtured and treated as special projects or initiatives that were not subject to strict budget constraints. Immelt introduced GE’s three strategic imperatives as: (1) sustaining its strong business model, (2) strengthening the business portfolio, and (3) driving its growth initiatives. www.ge.com

The Industrial Age company is a traditional company, which believes in uniformity, stability, permanence, security, and competition; however, the Information Age company is totally contrasted. The Information Age company focuses on diversity, cooperation, flexibility, motivation for cooperating, and communication by using information over e-commerce. The impact of control of information and how it is creating super valuable companies like Apple, Google and Facebook can be seen during these days. Each company controls massive amounts of data on consumers, creates products that leverage that information, and delivers services that are therefore irresistible.

Best Buy Co., Inc. is currently the world’s largest retailer for consumer electronics. The company has 1,400 brick and mortar stores and is a popular online retailer as well. The stores serve as display room for various online retailers. Best Buy consumers can purchase electronic products such as mobile, corded and cordless phones, televisions, cameras, personal computers, laptops, appliances and more (David & F.R., 2015). Today’s society relies on convenience and technology, forcing companies to implement new ideas and projects in an effort to maintain their ability to compete with other companies. For continued success the company must look at the internal and external issues the company may face as well as their competitors and their best practices that are contributing to their success.

In today’s highly competitive market, the continuous changes that are occurring in the social, politic and economic environment create serious challenges in the corporate world. Corporations cannot afford to do business as usual if they want to remain in the game and be successful. In order to achieve their goals and objectives, they need to evolve, adapt, learn and apply different new strategies that will help them secure long-run success and performance. Among those strategies, we are going to discuss ten of them and their advantages in connection with corporation’s goals and objectives.

Several key points are presented in the article for how companies can be successful. The first, is that companies must be innovative and be willing “to change their core products or business models” (Bertolini et al., 2015, p. 90) to keep up with the change in the marketplace. This may require that they rebrand their product, or change their business

* GE wanted to build new businesses platforms based on technological leadership, commercial excellence and global expansion to gain market leadership.

In modern society with technology being so closely tied to having a competitive advantage, a lot of industries compete to keep up to date with new developments. The invention and increased use of computers, internet, and phones have all made a major impact on organisations around the world.

1. What is competitive advantage, and how does it relate to a company’s business model?

“GE’s commitment to implementing innovative, cost-effective technologies that enhance the customers’ environmental and operating performance.”

Tidd and Bessant (2009) argued that “Unless an organization is able to move into further innovation, it risks being left behind as others take the lead in changing their offerings, their operational processes or the underlying models that drive their business”.

Within this new business environment that GE was facing, customers needs, wants and expectations of what products can offer them is forever changing. Immelt saw and understood this from the amount of time spent with customers, and implemented this idea within GE through the IT

Doing these acquisitions at some certain stages were important to diversify GE technologies and maximize its market share (Immelt, 2005), however, the balancing between growing organically by empowering the company from within and acquiring some companies is even more important for setting up the company directions. Since more than half of the company revenue is derived from its financial services (Company Data 2008), this brings the argument onto the table about the nature of the company making it a financial company with a manufacturing arm.