Strategic Planning Within General Electric Essay

900 Words 4 Pages
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.

Companies plan their various and multilevel activities. A company's strategic planning is a row of elements that describe how the company uses
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The GE SWOT analysis shows its strengths, weaknesses, opportunities and threats in order to use this information in the Strategic Planning. When the SWOT analysis is done, it is used as the foundation of objective setting, strategy setting and usage. The SWOT analysis is concentrated upon the most important factors and it is useful in a difficult strategic situation. The strengths are analyzed to reach opportunities and to avoid threats. The search of weaknesses is of importance as it allows the manager to minimize them.

At the beginning of the 1980s General Electric, the big USA electronics company 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. The developed GE culture is its strength as well as human resources. The competition is great that is why the competitive advantage is the strength too. Technology is an essential part of any business and its usage presents great opportunities to GE Company.

GE developed a vision, mission, and general objectives of the company to develop a strategic plan. Vision

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