General Electric or GE is an American Company that is considered as the most diversified company that has contributed to the powerful innovations of the world. It has its glorified impact on sectors like power, aviation, renewable energy, healthcare, transportation, home appliances, etc. and many more. This company owns one of the most extensive electric consumer product lines. For nearly 125 years, it’s continuously proving its worth and competing with other global leaders. And GE made it possible because it has successfully transformed and adapted its business and marketing strategies with the changes in situations. Even though it’s an old company, GE is way ahead in doing contemporary marketing activities than most other new entrants.
Marketing Mix of General Electric
Product Strategy of General Electric
Product is what a business offers in the response of market demands. Successfully satisfying the needs of the target market with a suitable product is the primary focus of the marketing mix.
GE works with power and innovation that can change and have a significant impact on the future. Since the establishment, this company has done wonders and presented the world with numerous products and technologies in different sectors with its efficient workforce and resourceful laboratories. Some of GE’s offered products and services are home appliances, transportation, business equipment, mining, healthcare, energy connection, aviation, power economics, software products, consumer electronics, industrial solution, lighting, capital, power conservations, and many more. And if you ask what these categories actually serve, you’ll be amazed by the versatility. You’ll find refrigerators, washer, AC’s, ovens, etc. on its consumer products line, as well as wind turbines, water purification systems, gas turbines, etc. on its renewable energy category. Also, in the capital division, there’re services of commercial loans, credit cards, home loans, etc. The aviation part of GE produces high-quality helicopters, commercial aircraft, bombers, tankers, military jets, etc. It’s tough to find a company that can compete with the superfluous resources and varieties of GE.
Price Strategy of General Electric
Price is the monetary value that a customer or a market gives in return for purchasing a product or service. The marketing mix ensures the product’s acceptable cost so that both the buyer and seller find it beneficial.
The versatile products and services offered by GE have made it to bring versatility in their prices as well. The cost of their products and services depends on power and technology is being used there. Wellbeing innovative energy activities embraced by GE combines lessening costs on its operating activities. This company has taken various strategies to balance their price strategies so that people don’t lose their trust and dependency on its products and service. Products and services that are similar with other companies have a price that matches the competition, On the other hand, innovations on which GE has the patent right, have the price tag based on the value it provides. Also, to make people know the high-quality of its aircraft engines, it has taken a strategy of “power by hour” reflecting the concept that people are not only buying GE’s products, but also the superior power and technology. Although this company has faced some complications as well, such as in 2004, it has to increase the price of its power division due to the pressure of changing water processing technology.
Place/Distribution Strategy of General Electric
Place or distribution works for the business so that the products and services can get visible and available to the market. The marketing mix ensures people get the right product at the right time at the right place though place/distribution strategies.
The different product and service offerings have made GE establish a large number of manufacturing plants, workplaces, laboratories, offices, etc. worldwide. The network of its suppliers, both wholesalers, and retailer, are extensive as well. Its operations are circulated over 160 countries including, Australia, Africa, Southeast Asia, Latin America, Europe, etc. There are both authorized sales representatives or distributions and online stores of GE, where people can easily find their products. Either online or offline, in each store, this company is determined to provide more customized and “micro-experience” to its customers. It believes that each customer has their own preferences and wants to pursue their own journey. GE intends to send a personalized message to each customer so that their experience with GE’s products gets more relevant to their life.
Promotion Strategy of General Electric
The promotional strategy focuses on the informative side of the marketing mix. Through this factor, a business can reach to people of every corner with its message and make them connected with its products/services.
GE is primarily considered as a B2B organization. And this type of business struggles to create a mass promotion among people. But GE has proved this concept wrong. In fact, it’s the first company to create a social media presence among its competitors. Unlike other B2B’s, this company has a strong and active presence on social media sites like Facebook, Google+, Twitter, and Pinterest. It tells people the experience, challenges, and innovations it is facing and creating and invites people to share theirs. On Facebook, this company shares various data, info, and quizzes about the latest technologies. There’s also an activity where people can ask their questions to the chief scientists of GE named “Stump the Scientist.” In Twitter, GE is always creating a buzz with interesting tweets that are the combination of technology and humor. GE has always focused on the long-term plan when it comes to promotion. Humanizing the brand, connecting with real-life, generating conversations all are some of its great promotional activities.
In Summary
General Electric is a brand that is always trying to relate itself with modern ideas. And its effective marketing strategies have helped it to achieve many breakthroughs. This company always had a clear picture of what it wants to present or wants to be. Each innovation and contribution from this brand has always created a powerful impact on the world. And that’s what made this company lead the world for almost 125 years, and people believe there’s more to come.
Related
References
- https://coolerinsights.com/2018/02/ge-global-content-marketing/
- https://econsultancy.com/how-general-electric-uses-facebook-twitter-pinterest-and-google/
- https://www.warc.com/NewsAndOpinion/news/GE_pursues_’micro-relevance’/f5d3aaa8-90a3-4bb2-99f5-8c61bc76d34a
- https://neilpatel.com/blog/learn-from-ge-digital-marketing/
- https://www.rohitbhargava.com/2014/07/7-lessons-ge-social-media-strategy.html
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