Thursday, November 21, 2019
Fianl report Essay Example | Topics and Well Written Essays - 1500 words
Fianl report - Essay Example His deep insight into the need for electrical products for the people of his era motivated him to set up business for his electrical products. By 1876, Edison remained busy in the research activities of electrical products and established a laboratory for it. This laboratory was founded in New Jersey, USA. In order to make the world realize the importance of his products, he formed a business company named as Edison General Electric Company. Under this name, he united all his inventions and started marketing them. During the same period, a competitor organization named as Thomson Houston Company emerged. With the passage of time, both the competitors realized that it is almost impossible to survive as competitors because the products from both companies were increasingly becoming supplementary for each other. After successful negotiations, they merged together and one organization emerged who was named as General Electric Company. GE has vast product line and it is interesting to mention here that many of these products were part of the business even when the business started. It is regarded as an achievement of Thomas Edison that his inventions were present in many fields related to medical health care, transportation, consumer electronics, industrial equipments and power transmission etc. GE has established its GE brands with its rich product line and all the sub organizations are headed by dedicated CEO and Chairman. GE is a successful name when viewed from the perspective of business owners, customers and employees alike. Customers prefer buying GE products because of their guaranteed performance and reliability. The customerÃ¢â¬â¢s loyalty paves the way for profitability of GE and pays favorable returns against the investment of owners. GE is ranked among the top employers of the choice which attracts high talent at high compensation rate. The secret of GEÃ¢â¬â¢s success is its strategic management techniques.