GE's Imagination Breakthroughs: the EVO Project Case Solution And Analysis, HBR Case Study Solution & Analysis of Harvard Case Studies

GE's Imagination Breakthroughs: the EVO Project Case Solution

The new strategy was stressing and highlighting more on entering the new markets and the marketplace, on leaving your comfort zone and exploring new customer bases, and take risks. The needs, requirements, and demands of the markets and customers along with the new upcoming trends that can be adapted as the main focus. Additionally, customers should be the first priority. Customers’ demands should be considered. Products should be designed to benefit the customers and fulfill their needs. On the other hand the company GE according to the organic growth strategy of Immelt’s, should include the profitable perception when it comes to the decision making. This will assist and help in refining the company’s sales and increase revenues and profit. New leaders and heads evolving from the human resource (HR) were also given significance. Aligning management with the process of hiring new leaders and heads is important. Management will help and profile the work force and assists in identifying and specifying the right people for the right job. Selecting the right people for the job can help in achieving the company’s goals and objectives and those individual will them emerge as the new leaders.

In short the organic growth strategy of GE was to:

Change the normal working practices and adopt the new technologies and new change,
Invest in technologies, human resources and the resources that business units required,
Risk taking (entrepreneurial approach) by adapting new changes and entering into new markets, and
Focus on marketing.

Additional Options to Consider for Organic Growth

There are fundamentally two different kinds of growth strategies, organic growth strategy and inorganic growth strategy. Organic growth strategy is a blend of complex knowledge, experiences, reputation, skill and perfectibility. The inorganic growth strategy is a more upfront or straight forward approach and it is based on cash, account abilities or liabilities and assets(FREDERIKSEN, 2020).Cost-cutting (downsizing), acquisition and re-structuring are important tools when it comes to defining the strategies, but they only improve the company’s position for the short term. Inorganic growth strategies often divert organizations from generating revenue gradually.For the growth and success of an organization, adopting an organic growth strategy is compulsory.

According to research conducted in the year 2017, many companies or firms focus on a single strategy for organic growth as shown in the following image:

The results of the chart show that most of the companies adopted the strategy of investment, creating new products, and performing better all of these strategies were implemented by GE as well. For the success and growth of GE, CEO Jeff Immelt's growth strategy was very well designed. Following additional options can be considered or added to GE’s organic growth strategy to improve its business, growth, and market approach.

According to an article published in the year 2011, the capability of a company and organization to be ambidextrous (suitable for everyone) is at the core of the dynamic capabilities. (O'Reilly III & Tush-man, 2011).Dynamic capabilities have been suggested by many as a beneficial way to comprehend how a company or firm is able to adapt to changes in technology and markets(O'Reilly III & Tush-man, 2011). It is the core dynamic capability that the senior management of the company or firm is able to capture and realize opportunities through the instrumentation and incorporation of the current or existing assets to overcome inactivity and path dependence.

The management of any company must be capable of observing any sort of changes in the competitive environment, potential shifts in technology or use of new emerging technologies, new market entrants or new competitors,customers’ requirements and needs, and regulations. They should also be capable of acting on the identified opportunities and threats (O'Reilly III & Tush-man, 2011).

Jeff Immelt's plan to use technology for organic growth is a valid strategy. The company GE should focus more on adapting capabilities that drive growth in the digital and modern age. Following are the suggested new techniques that the company should adopt:

1.Balance the Use of Traditional and Digital Marketing

Digital marketing is as important as traditional marketing. In this modern era focusing on digital marketing should be the first priority. For GE creating random social accounts is not necessary but creating a professional social presence is a must. GE should market using websites etc. What matters is that the company’s management makes-sure that the marketing technique they are using fits the target audience or potential clients of the organization. Tracking marketing practices is also necessary. Almost every firm should track the basics of marketing,such as: new clients or customers, revenues and profitability.

2.Agile Methodology

While technology plays avital role in increasing and developing business capabilities, companies or firms cannot oversee the ways their staff is working. Inspiring company workers to work in more agile ways will help the companies in further growing and moving forward. Numerous agile methods can allow-businesses to re-configure their policy or strategies,possessions, resources, and organizations so they can quickly prosper in a promptly shifting atmosphere. Businesses can adopt agile ways of working in their offices, sustained by a culture of nonstop learning and development, by creating performance measuring metrics that are more action-focused and give employees or staff-motivation to work quickly and efficiently.

3.Strategic Pricing

Raise product prices strategically if needed. While across the board price upsurges maybe not be recommended in different competitive markets, certain products can resist a price upsurge without lessening the demand for the product. GE’s can implement the following strategy as well.Careful price increases on a selected product or best-selling product are one of the fastest moves as well as a less risky move that a company could take.

4.Set SMART Goals

While a company is implementing strategies for organic growth, it should monitor the performance of those strategies as well. CEO Jeff Immelt did in short establish a successful organic growth strategies, he did not establish a mechanism to keep those strategies in check. In order to achieve this, he needed to establish SMART Goals. SMART, i.e. specific, measurable, achievable, realistic, and timely goals will help GE monitor and analyse its marketing and sales efforts efficiently.......................

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GE’s Imagination Breakthroughs: the EVO Project Harvard Case Solution & Analysis

GE's Imagination Breakthroughs: the EVO Project Case Solution

Additional Options to Consider for Organic Growth