Threat of substitute gods:
The General Electric enjoys an advantage of having low threat of substitute goods as it manufactures unique products and services. In addition, the newinitiative of the companyis to produce specialized products which would be very helpful for thecompany to reduce the threat of substitute goods.
The above framework helped the management to analyze the company’s current situation. Moreover, it may exploit further opportunities for the company in order to increase its revenue and growth rate.
General electric’s value creation
To create value for the customer, managementwould have to define following areas to analyze the customer value proposition. However, if these areas are satisfactory, the firm is creating value for the customer. These heads are:
1. Product/service attributes:
The products and service attributes of a company is defined by the following areas of the company:
Price:
General electric manufactures its products and provides services at a very reasonable and justified prices. Moreover, these prices have been acceptable to customers as the products and services justifies the prices with products quality
Quality:
The product and service quality facilitated by General Electrics is very high and challengingfor the competitors to replicate. Therefore, the quality of the company is also remarkable.
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Availability:
The products and services of General Electrics are always available for the potential and loyal customers.
Relationship attributes:
The relationship of the company determines the value that is generated by the company. Following relationships should be highly developed by the company:
Service:
The relationship with the serviceprovider and service customers are always remarkable of the company. Moreover, the company also provides its services to the manufacturing products’ customers such as after sales services.
Suppliers:
The company’s relationship with the raw material suppliers is very responsiveand remarkable. Consequently, the company is getting its raw materials timely and accurately.
Image:
Brand image is essential in order to sell products. Moreover, high reputation and brand image helps the company to create value for customers.
Above analysis of all eight factors shows that General Electricis successfully creating value for customers, not only in short term but also in long term.
Competitors
General Electric have many competitors. However, some are very close. Therefore, it is important to compare them and set a benchmark in order to compare all companies.
Benchmark:
The benchmark which would be used in further competitive analysis is described as:
“A unified and effective software service that would enable machine manufacturing work, as well as effective communication with data sharing of acquisition and analysis”
Moreover, the matrices that would be used in this analysis in order to measure company’s performances are as under:
• Core competency of the company.
• Qualification of single competition.
• Financial position of the company.
Following are the companies that are competing with each other:
IBM:
• The core competency of IBM is its expertise analyzing complex data and the strong and advanced computers.
• Deals in airspace, communications, banking electronics, government, healthcare, life sciences, retailing and many others.
• The IBM revenue in 2012 was $104.5Billion
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