Question

1. Should the Vision and Mission for GE change which affects the strategy?
2. Could the external environment be changing which affects the strategy of GE?

Answer 1

The vision for GE is " to become the world's premier digital industrial company, transforming industry with software defined machines and solutions that are connected, responsive and predictive. "

The mission statement for GE is to " invent the next industrial era, to build, move, power and cure the world. "

The vision and mission statement of GE should not change which affects the strategy as the mission and vision statement are aligned with the aim of providing technologically advanced innovative solutions using digital and software technologies that are integrated with company's main business and are developed to respond to customer needs. The mission statement defines the company goals in the business areas and sectors it is already present.

The external environment is changing affecting the strategy of GE and it is responding by developing solutions for emerging markets. The business in developed markets has become increasingly competitive. GE has taken to diversification and forming partnerships for growing its business, investing in research and technology, focusing on innovation and next generation solutions to overcome the challenges of external environment.