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Submitted by anubis250 on February 28, 2008
Category: Business
Words: 1210 | Pages: 5
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GE's Growth Strategies: The Immelt Initiative
- Taking Charge: Setting the Agenda
On Friday, September 7, 2001, Jeff Immelt took over for Jack Welchc as CEO of GE. Four days later, the 9/11 attacks occurred and the world was thrown into chaos.
By the end of Immelt's first week on the job, GE's stock had dropped 20%.
Later that year, GE's stock dropped again on suspicions from the Enron scandal.
After a rough start to his tenure, Immelt realized that internal growth would be the key to GE's long-term success.
- Building on the Past, Imagining the Future
Immelt constantly went out of his way to emphasize that GE was not an over-grown, slow to move, slow to react conglomerate.
He instead viewed the company as a collection of highly correlated businesses made up of world-class people, processes, and strategic initiatives.
Acting on this, Immelt created a growth strategy made up of 5 key elements:
1. Technical Leadership A key driver of future growth
2. Services Acceleration GE already had a large amount of product out in the industry that would eventually need servicing as the products aged and wore down.
3. Commercial Excellence Shifting focus from GE's internal processes to external customer requirements.
4. Globalization Main focus on China and India.
5. Growth Platforms Build new businesses based on high-growth areas that will provide "unstoppable" opportunities.
- Investing through the Down Cycle
Immelt felt that investing heavily in the business during the economic slowdown of the early 2000's was crucial to the long-term growth of the company.
Immelt quickly made the following acquisitions: the Telemundo and Bravo television networks, Interlogix security systems, and water service provider BetzDearborn.
He also committed to building several new R&D facilities around...
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