General Electric Marketing Mix

In 2005, the company restructured its operations into six business segments: infrastructure, commercial finance, consumer finance, healthcare, NBC Universal and industrial.

Product

  • General Electric’s capital finance segment includes commercial loans, operating leases, home loans, credit cards, and personal loans.
  • GE’s technology division produces Intrusion and fire detection products, card access systems, aircraft replacement parts, jet engines, medical diagnostics, medical imaging as well as patient monitoring equipment.
  • The company also provides products related to energy infrastructure such as wind turbines, gas turbines, water purification systems, and aircraft engine derivatives.
  • General Electrics NBC Universal Division operates cable networks, and produces motion pictures.
  • Products produced in GE’s Consumer and Industrial Division includes refrigerators, washers, microwave ovens, residential air conditioners as well as electric and gas rangers.

Price

  • General Electric introduced a “Power by the Hour” program for its aircraft engines, in recognition that its customers were not merely purchasing its airplane engines, but also the ability to minimize downtime through its maintenance and service initiatives.
  • In 2004 GE raised prices in for its Infrastructure Water and Process technology customers as a result of increasing cost pressures in a global economy, citing marketplace conditions for water treatment solutions which made it more expensive to do business.
  • General Electric’s “healthtmagination” initiative involves the reduction of prices in its medical imaging imaging and diagnostics business as a result of reduced customer spending in these areas.  

General Electric Marketing Mix

Introduction

General Electric originated in 1892 when Thomson-Houston Electric and Edison General Electric merged. Initially focusing on products such as toasters, motors and light bulbs, it is now a diversified company composed of media, financial services and technology divisions. These divisions provide business and consumer financing services, media content, as well as products such as aircraft engines, power generation, water processing, and security
technology. Would you like to take a lesson on the marketing mix?

Place

  • General Electric is headquartered in Fairfield Connecticut, at 3135 Easton Turnpike.
  • GE has subsidiaries located in Singapore, Mexico, Munich, China and Ontario Canada
  • General Electric has global business projects including Southeast Asia, Northern Asia, Austrialia/New Zealand, Africa, Latin America and Europe.

Promotion

  • In 2001, General Electric selected Responsys, Inc., as the preferred vendor to implement GE Services Network’s email marketing programs.  
  • GE’s slogan “we bring good things to life’ is among the most recognizable in the world.
  • General Electric has used co-branding to market its products, including Culligan, Calphalon and Lenox.

Process

  • The General Electric Company, with the assistance from the Boston Consulting Group and McKinsey and Company, pioneered the nine cell strategic business screen used to identify the most favorable position with attractive growth opportunities as well as competitor strength.
  • In the 1950s GE produced the famous "blue books" — five volumes of detailed guidance for its managers.
  • GE management has utilized techniques such as leadership development, Work Out, and Six Sigma.
  • Current GE leadership is reemphasizing its scientific research labs and marketing function.
  • General Electric undertakes a constant appraisal process that involves firing its bottom 10% employees each year.
  • GE strives to accomplish its goals with four core values in mind: imagine, solve, build, and lead.
  • General Electric (GE) had used the “Lateral Diversification Strategy” as its growth strategy – marketing new products or services that have no technological or commercial synergies with current products, but which may appeal to new groups of customers.

Physical Evidence

  • Russia has been one European country in which GE has made significant investments including an equipment fleet with more than 1,500 large units.
  • The Middle East is diversifying beyond its oil-based economy with explosive development. GE is enabling growth with crucial investments of infrastructure resources such as oil and gas as well as aviation.
  • GE is helping to build the infrastructure of Indonesia.
  • GE has subsidiaries located in Singapore, Mexico, Munich, China and Ontario Canada

People

  • Jeffery Immelt is the current chairman of the board and chief executive officer of GE.
  • General Electric employs an integrity policy called “The Spirit & The Letter” which every employee supports with a signed pledge.
  • GE employs an ombudsmen process which encourages employees to report unethical activities without fear of reprisal. General Electric implements flexible work arrangements in order that employees may achive a work and life balance.  
  • General Electric provides an employee and retired employee outlet store with discount products.
  • GE utilizes skills-based customer service routing technology, GE directs your call to the service or support rep most qualified to answer your question.

Disclaimer:
This case study has been compiled from information freely available from public sources. It is merely intended to be used for educational purposes only.

Published by

Tim Friesner

Marketing Teacher designs and delivers online marketing courses, training and resources for marketing learners, teachers and professionals.