Ecomagination: Driving Sustainable Growth for GE
GE formation was around 1892. It involved the association of two electric companies that is the Thomas Houston Electric Company and General Electric Company. From 1981 the company underwent various adjustments, including the change of CEO, which led to the altering of the commercial environment. Over the years, the company experienced tremendous growth that earned them recognition with Forbes. In 2005, GE employed Ecomagination on its operations. Ecomagination incorporates the use of capable machinery in production that features clean energy and water, reduction of the greenhouse gas radiation. Today, GE is the prime leader in the transformation of the technological period by partnering with various companies in resolving environmental issues relative to economic sense.
GE Ecomagination has been dominating over the news for several years. In May, GE Company sold its lighting business (Levenson, 2020). The company establishment by Thomas Edison as a result of an experiment on carbon filament lump dates back to over a hundred years. According to Levenson (2020), the company has been seeking to divide its lighting company for several years. This is due to the company’s central focus on echo technology. Therefore, according to Root (2020), the company sold its lighting energy to the Savant System. The Savant System Company influences the technological systems that are applicable in making homes comfortable, including home entertainment and air conditioning. By incorporating GE lighting, the company is optimistic about the near future.
GE has been successful for many years due to multiple factors. Mostly, the company employs its generic strategy to undermine competition (Ajmera, 2020). One of the central elements in GE’s generic strategy is diversification; through diversification, the company captivates customers to a range of unique products. In developing exclusive products for the customer, they perform research. It is worth noting that GE Company is known for investing heavily in research and development. Another generic strategy GE employs is the distribution of its products to different market tiers. By distributing their products to different market segments, the company widens its market base. Therefore, through diversification, research, and distribution to various market segments, GE Company maintains its success although deprecated for attending social responsibility.
Although the company is unethical in its operations, the company also incorporates ethical practices. According to Janet and Deng (n.d), the company’s wrong challenges include pollution, quality of products, corruption, and tax avoidance. The company has been facing several environmental issues over the years. Because of its fast growth, the company releases a large amount of toxic air into the environment. Another unethical practice linked to GE Company is the nuclear catastrophe that ruined their credibility. In 2010, the company had a lawsuit against them due to the avoidance of taxes amounting to over three billion. Therefore, despite GE’s company’s inspiration for technological innovation and reforms, the company’s operations are unethical.
Overall, the GE company establishment dates back to around 1892. The company involved the corporation of Thomas Houston and General electric companies. Over the years, the company has been growing and dominating in commercials, thereby attracting the attention of various media corporations. According to different media coverage, the company sold its lighting company to Savant System. This because the company’s central focus is on echo technology. The savant System integrates all the essentials that make homes comfortable, including air-conditioning and home entertainment, and by including GE lighting into their operations, they are optimistic about expansion. Although the company is successful due to its generic services, GE Company is unethical due to several factors, including environmental pollution corruption.
References
Ajmera.A. (2020). 3M names General Electric exec Monish Patolawala as CFO. Retrieved from https://www.reuters.com/article/us-3m-cfo/3m-names-general-electric-exec-monish-patolawala-as-cfo-idUSKBN23A1X0
Janet .G. & Deng .K. (n.d.). General Electric Company, We dream Business.
Levenson .M, (2020). G.E., Which Traces Its Roots to Thomas Edison, Sells Its Lighting Business: The New York Times. Retrieved from https://www.nytimes.com/2020/05/28/us/General-electric-light-bulb-business.html