Behm-Chessor GE Paper[3]

8/14/2019 Behm-Chessor GE Paper[3]

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The General Electric Company

Strategic Management

MGT 6063

12/8/09

Written By:

Randy Behm

Chuck Chessor


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R. Behm/C. Chessor-GE

Table of Contents

Section Page

I Company Background 3

II - Globalization and Strategic Issues in the Industry 4

1) What are the major trends in the industry and the competitive issues facing the companiesin this industry? 4

2) What are the opportunities and threats for this industry, in different regions and countries?6

3) What are the key issues faced by this particular industry in the globalization movement?8

4) What are the key success factors for a company in this industry to compete globally? 9

III Financial Performance 11

IV Corporate Timeline and Major Events 13

V Imperatives 15

VI Strategic Assessment 16

VII - References 17

Tables

Table 1 - Consolidated Revenues 11

Table 2 - Receivables 12

Table 3 - General Electric Timeline 14

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Section I - Company Background

At GE, we consider our culture to be among our innovations. Over decades our

leaders have built GEs culture into what it is today a place for creating and bringing big

ideas to life. Today, that culture is the unifying force for our many business units around the

world.1

The General Electric Company or GE is a multinational American technology and

services conglomerate that has produced innovative products for over a century. They are

one of the most recognized brands in the world and worth almost $49 billion. GE offers a

variety of diverse products in areas including power, aviation, healthcare, entertainment,

finance, and consumer electronics.

In 1889, inventor Thomas Edison had consolidated all of his companies and business

interests under the name of the Edison General Electric Company. The General Electric

Company was formed in an 1892 merger of the Edison General Electric and Thomson-

Houston Company. General Electric has evolved and expanded over the last one hundred

years with the constant being ingenuity and innovation.

Jeffrey Immelt is the current chairman of the board and CEO at GE. He was selected

by GE's Board of Directors in 2000 to replace Jack Welch following his retirement. GE has

seen great growth and expansion through the last 30 years by streamlining operations,

acquiring new businesses, and dealing with the new globalization. Recorded revenues at GE

have grown from roughly $28.8 billion in 2000 to over $182 billion today making it one of

the most valuable and largest international companies with over 323,000 employees around

1www.ge.com

3
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the world.2 General Electrics current competitors in the industry include Siemens based in

Germany and Philips based in The Netherlands.

GE's current divisions include GE Capital (which includes GE Commercial Finance

and GE Money and Consumer Finance), GE Technology Infrastructure (which includes GE

Aviation and GE Healthcare), GE Energy Infrastructure (which includes GE Energy

Financial Services), GE Fanuc and their entertainment company, NBC Universal.

Section II - Globalization and Strategic Issues in the Industry

1) What are the major trends in the industry and the competitive issues facing the

companies in this industry?

There are many new trends and competitive issues facing General Electric in their

industry. Jeffrey Immelt, CEO of General Electric, sees three trends to be of importance in

the next 15 to 20 years.3 Globalization, volatility, and the intersection of government and

business will all play major roles for General Electric.

The business environment has changed since Jack Welch took over GE in the 1980s.

Most of GEs competitors are now increasingly non-American and the international business

world has become more and more interconnected and globalized. Globalization is the new

reality and most of the important opportunities for GE and any others in their industry are

now in international markets. While GE and other companies in their industry have made

tremendous progress in making their companies a global powerhouse, there is still much

more to be done. Jack Welch expects the majority of GEs revenue to come from overseas

and believes that securing this goal is one of the best ways to ensure GEs survival in the new

millennium.4

2www.wikipedia.org/wiki/General_Electric3www.mccombs.utexas.edu/news/pressreleases/immelt06.asp4 Slater, Robert (1999) Jack Welch and the GE Way McGraw-Hill p. 201

4
http://www.wikipedia.org/wiki/General_Electrichttp://www.wikipedia.org/wiki/General_Electrichttp://www.mccombs.utexas.edu/news/pressreleases/immelt06.asphttp://www.mccombs.utexas.edu/news/pressreleases/immelt06.asphttp://www.wikipedia.org/wiki/General_Electrichttp://www.mccombs.utexas.edu/news/pressreleases/immelt06.asp


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Between 1985 and 1995, revenues from overseas operations at GE increased from 20

percent to 38 percent of GEs total revenues.5 In 2008, overseas revenues ($97.2 billion)

accounted for over 50 percent of GEs total revenues.6 Companies are outsourcing work in

order to achieve lower production costs, make better use of available resources, or to focus

energy on the core competencies of a particular business. The industry must make sure that

they maintain this trend and remain globally focused in order to benefit and continue their

rapid growth.

Another trend that GE and the industry must deal with is the volatility of the market

in recent years. In this case, volatility can be defined as the sharp fluctuations of demand in

their industry. GE has experienced considerable volatility in recent years connected to the

economy and the cyclical nature of supply and demand in their industry. The industry will

continue to be unpredictable until a favorable supply and demand balance can bring back

consistent earnings and the global economy takes a turn for the better.

The intersection of government and business will play a major role for GE and their

industry as they go continue to go global. Government rules and regulations that vary

country to country and region to region have made it difficult for many businesses to remain

compliant and to develop and grow. In a voluntary reaction to the perceived inequalities of

global commerce, governments have put restrictions on aspects of their international trade.7

Many governments are now using tariffs or quotas against imported goods in order to protect

their developing economies and restrict trade as well as generate revenue. Quotas used to

5 Slater, Robert (1999) Jack Welch and the GE Way McGraw-Hill p. 1946 www.wikinvest.com/stock/General_Electric_Company_(GE)/Data/Revenue_Breakdown?ref=topnav7Bovee, Courtland (2007)Excellence in Business Prentice Hall p.103

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limit trade and protect local industries are also being issued by governments to limit the

amount of goods that can be imported during a given period.

In an effort to ensure equitable trade practices, governments around the world have

established a number of trade agreements and organizations (GATT/NAFTA/WTO) that

address trading issues. These organizations have been used to regulate trade and resolve

intellectual property issues that are so prevalent in many developing countries. General

Electric and the competitors in their industry must navigate all these complex rules and

regulations as they become more global. Political and regulatory decisions have become a

big factor in company success and government policies can affect their strategic planning.

2) What are the opportunities and threats for this industry, in different regions and

countries?

The global economy has created many new opportunities and threats to General

Electric and their competitors. Running a large corporation is difficult and challenging in

todays volatile environment as the recent economic slowdown has affected the entire

industry since revenue at these companies is tied up worldwide. Russia, China, and India are

three developing economies that present many opportunities and threats to these industries.

India has emerged as an economic power with vast human and natural resources

along with a large knowledge base that presents many opportunities and threats for GE and

their industry. Indias infrastructure remains behind many developing markets in basic

infrastructure, including road works and electrification. There are many opportunities for the

industrys transportation, infrastructure and energy divisions that could be used to develop

Indias infrastructure. India also has a growing middle class which is an opportunity for the

industrys consumer goods division to market to.

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There are also many threats to the industry succeeding in India. In many rural areas,

India lacks the basics such as water, and sanitation with much of the population not having

their basic needs met much less needing consumer goods. GE and their competitors will also

have to deal with the regulation, protection, and restrictions that the Indian government has

put in place as a barrier to entry for outside companys trying to enter the market.

Although economic growth has recently slumped to 9%, China has been used to

double digit growth since 2001.8 As a result, China has a rapidly expanding middle class that

the industry can market their consumer goods to. There are also many opportunities to bring

in electricity and power to the millions of rural citizens still without power. China also offers

many low-cost outsourced manufacturing capabilities where production is cheap and

efficient.

Some threats that China presents to GE and their competitors include the regulations

and policies that make it hard for non-Chinese companies to make money. Industry will also

have to deal with corruption at county and provincial levels. Finally, the lack of protection of

intellectual property will make it risky for industry to bring in technology that could be

copied and produced by other internal companies. China has signed treaties, passed

legislation to safeguard IP rights, but counterfeiting and IP theft is on the rise, according to

the PricewaterhouseCoopers report.

In the past couple year, Russia growing economy has finally achieved some economic

stability after years of stress from switching to a free market economy. There are many

opportunities in Russia for GE and their competitors. Russias industrial sector is

technologically outmoded and is ripe for an upgrade from the industrys technology,

8 www.cnn.com/2009/WORLD/asiapcf/01/21/china.economy/

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infrastructure, healthcare or capital divisions. The rising commodity prices can also be

defined as an opportunity because of the natural resources within Russia. The capital raised

from these resources should trickle down the economy and free up money that can be spent

on infrastructure as well as consumer goods.

Bribery and corruption are a couple threats that the industry will have to deal with

when trying to enter the market in Russia. In addition, rapidly changing laws and unclear

limits on foreign investments make business unpredictable, and contract negotiations can be

arduous and complex.

3) What are the key issues faced by this particular industry in the globalization movement?

Former CEO of GE Jack Welch once said Ideally youd have every plant you own

on a barge meaning that the plant could move at any time if any government tried to impose

restrictions on the operations or if workers demanded better wages and working conditions.9

This statement illustrates one of the key issues facing this industry in the globalization

movement. GE and the much of the rest of its industry has globalized its operations by

shifting production to low wage countries.

Many feel that free trade makes it too easy for corporations to exploit workers around

the world by pitting them against each other in a race to the bottom in which production

moves to the country which has the lowest wages and the fewest restriction regarding worker

safety and environmental protections.10 This complaint has been at the core of protests over

globalization and free trade.

Another issue in this industrys globalization is the growing protectionism movement

being revived by the recent global economic slowdown. Much of the growth in many

9www.motherjones.com/politics/2000/05/general-electrics-global-assault10Bovee, Courtland (2007)Excellence in Business Prentice Hall p.103

8
http://www.motherjones.com/politics/2000/05/general-electrics-global-assaulthttp://www.motherjones.com/politics/2000/05/general-electrics-global-assaulthttp://www.motherjones.com/politics/2000/05/general-electrics-global-assault


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developing countries has come at the expense of jobs in the home countries. These are

difficult times and many people are looking for a scapegoat in this declining economy. Many

blame the free trade for job losses and lowered wages.11

Finally, as the financial crisis has grown, governments have considered raising trade

barriers to protect domestic industry. The large conglomerates risk stifling domestically

grown industries as they are more likely to have the resources to outcompete the local ones. 12

4) What are the key success factors for a company in this industry to compete globally?

There are a number key success factors for GE and their industry that need to be

followed in order to compete globally. If the companies in the industry wish to succeed at an

international level and have a real global presence, theyll need to gain every edge possible

and separate themselves from the competition. Jack Welch of GE believed that you had to

decommoditize when thinking about a global strategy. This means making the products and

services distinctive and includes innovation, technology, internal processes and whatever else

it takes to be unique.13

One of the important factors in competing globally for any industry is being socially

responsible in the regions or countries doing business with. The companies must embrace

responsibility for their impact on the environment, consumers, employees and communities.

Examples of this can include community-based development projects or by the giving of aid

to local organizations and impoverished communities in developing countries doing business

with.

11 www.newsweek.com/id/177432 (12/31/2008)12www.globalissues.org/article/43/deregulation-or-protectionism13 Welch, Suzy (2005) Winning Harper Business p.171

9
http://www.newsweek.com/id/177432http://www.globalissues.org/article/43/deregulation-or-protectionismhttp://www.newsweek.com/id/177432http://www.globalissues.org/article/43/deregulation-or-protectionism


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Another factor is respecting and embracing the local population, culture, and laws and

this can be accomplished in a number of ways. Companies need to hire personnel who can

function internationally and understand and value diversity. They can either train and bring

in from the outside or promote locals to senior management, as GE did as part of its global

strategy.14 The ultimate goal for these companies is to create global teams and companies

with no true country and culture so that they can function seamlessly internationally. Though

the complexities in going global will be overwhelming, the opportunities for these industries

will be practically limitless.

The last factor to successfully competing globally is to fully understand the markets

being entered. Countries or regions must be analyzed to determine if business conditions are

favorable for success. Market factors in each country would include (but are not limited to):

1. Demographic and Geographic Factors (population/natural resources/etc.)

2. Political Factors (stable government/taxes/etc.)

3. Social Cultural Factors (education/cultural barriers/language/etc.)

4. Market Access Factors (quota/tariffs/intellectual property protection/etc.)

5. Distribution/Production Factors (labor skills & laws/transportation/etc.)

Companies need to do their due diligence and research to understand that these market

factors are required for success in any country an industry wishes to do business with.

Section III- Financial Performance

14 Slater, Robert (1999) Jack Welch and the GE Way McGraw-Hill p. 197

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Reviewing GE performance in over the recent ten years shows a growing company

that competes well globally in the majority of the industry it operates. Yearly revenues

continue to grow for this conglomerate; for the year ending December 31 st 2008, revenues

had reached $183 billion up from $152 billion on the same date in 2006.15

Table 1 - Consolidated Revenues

During this timeframe we also see an alarming trend of net income dropping from

$20 billion in 2006 to $17 billion in 2008. The drop in income seems to be associated with

larger operating costs and cost of goods and services sold. A large deal of GEs revenues

stem from financial services, in 2008 revenues reached $67 billion for this division of the

company.15 At the same time, net earnings in financial services dropped $3.3 billion from the

year before. Organic growth has been nonexistent, the weaker US dollar, lower investment

income, and losses and write offs on financing receivables have all contributed to the poor

performance.16

Table 2 shows some interesting data in regards to the financial sector performance,

specifically the large loss on financing receivables. Between 2007 and 2008, there is a huge

drop of approximately $24 billion in non-US residential mortgages and installation and

revolving credit.

15http://www.ge.com/ar2008/pdf/ge_ar_2008.pdf16http://www.ge.com/ar2008/pdf/ge_ar_2008.pdf

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http://www.ge.com/ar2008/pdf/ge_ar_2008.pdfhttp://www.ge.com/ar2008/pdf/ge_ar_2008.pdfhttp://www.ge.com/ar2008/pdf/ge_ar_2008.pdfhttp://www.ge.com/ar2008/pdf/ge_ar_2008.pdfhttp://www.ge.com/ar2008/pdf/ge_ar_2008.pdfhttp://www.ge.com/ar2008/pdf/ge_ar_2008.pdf


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Table 2 - Receivables

This is directly related to the global economic crisis of the past few years and we

dont see this as being unusual in these trying times. It does show a huge strain on GE

corporate financial performance and it is quite impressive that they have continued to post

positive earnings into 2009. Jeffrey Immelt, CEO of GE has said the company continues to

target a third of revenues will come from the financial sector, but has acknowledged they will

address high risk areas. The company had decided to exit $150 billion in insurance assets

early in 2002 and that helped reduce the impact of the recent crisis.17 There is not a clear sign

of where the company will address risk, but our research points us to believe that GE will

look at commercial real estate and international mortgages.

As for the current year of 2009, the unfortunate trends of 2008 have continued to be

reported. Recently, GE released third quarter numbers and revenue was reported at $37.8

billion compared to the $47.2 in 2008. Net profit was also down to 2.49 billion from 4.31

billion the previous year.18

Section IV - Corporate Timeline and Major Events

17http://www.ge.com/ar2008/pdf/ge_ar_2008.pdf

18http://online.wsj.com/article/SB10001424052748704322004574476741575786518.html

12
http://www.ge.com/ar2008/pdf/ge_ar_2008.pdfhttp://online.wsj.com/article/SB10001424052748704322004574476741575786518.htmlhttp://www.ge.com/ar2008/pdf/ge_ar_2008.pdfhttp://online.wsj.com/article/SB10001424052748704322004574476741575786518.html


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The corporation dates back over 100 years, so there are plenty of highlights to focus

on over the history of the company. The Table 3 timeline will focus on the groundbreaking

innovations or activities including acquisitions and divestitures.1920

Reviewing Table 3, we see a history of innovation and groundbreaking achievements

for GE. People around the world are living differently because of the products that GE has

provided consumers. This innovative history shows the true spirit of the company and

answers the question of what is the purpose of the company. GE does not have a vision or

mission statement available to the public, but their values are posted everywhereImagine,

solve, build and lead. The corporate culture pushes employees to develop creative products

that change and improve peoples lives.

The other occurrence that we see in Table 3 is GEs willingness to acquire other

companies and sell-off parts of their own. Not only does the company want to improve lives

around the world, but it shows it wants to be one of the biggest and best corporations on the

globe. GE is continually assessing their operations in terms of what they do well and where

they struggle to compete.

The recent sale of NBC Universal to Comcast is a prime example of this trend. GE

never really seemed to fit in the entertainment business and even CEO, Jeffrey Immelt

admitted this during recent interviews. NBC has been stuck in fourth place of the major

broadcast networks and this doesnt align with the successful performance of other divisions

of GE.21 GE will still hold a 49% stake in NBC Universal, so it seems they believe the

division can be successful if led by the right people or leadership team.

19http://en.wikipedia.org/wiki/General_Electric_timeline20http://www.ge.com/innovation/timeline/index.html21http://www.nytimes.com/2009/12/04/business/media/04nbc.html

13
http://en.wikipedia.org/wiki/General_Electric_timelinehttp://www.ge.com/innovation/timeline/index.htmlhttp://www.ge.com/innovation/timeline/index.htmlhttp://www.nytimes.com/2009/12/04/business/media/04nbc.htmlhttp://www.nytimes.com/2009/12/04/business/media/04nbc.htmlhttp://en.wikipedia.org/wiki/General_Electric_timelinehttp://www.ge.com/innovation/timeline/index.htmlhttp://www.nytimes.com/2009/12/04/business/media/04nbc.html


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Table 3 GE Timeline

1890 Edison General Electric formed

1905 Commercial finance operations begin

1906 First Radio Broadcast

1912 Vacuum Tube invented leading to the future of electronics

1917 Refrigeration discovered1919 Radio Corporation of America (RCA) was formed by GE and AT&T

1927 1st Television sold

1932 GE Credit helps consumers buy appliances

1940 Silicone discovered

1941 1st Jet Engine

1957 1st Nuclear Power Plant Opens

1969 GE helps put the man on the moon

1970 Computer division sold to Honeywell

1981 Jack Welch becomes CEO

1981 Fiber Optics are discovered

1984 Sells computer graphics products and services to Genigraphics

1986 RCA is re-acquired primarily for the NBC television network

1989 1st CNBC broadcast

1993 GE Aerospace sold to Lockheed Martin

1994 1st fortune 500 on the internet

1996 MSNBC is formed with partner Microsoft

1998 Innovations help with the Asian Credit Crisis

1999 Global Research begins with a location in India

1999Montgomery Ward exits bankruptcy and becomes a subsidiary of GECapital

2000 Montgomery Ward folded by GE Capital

2001 GE/Honeywell merger is blocked by the EU

2001 Jeffrey Immelt replaces Jack Welch as CEO

2003 GE acquires Telemundo, Instrumentarium, and Transamerican Finance

2004 NBC acquires the assets of Vivendi Universal and forms NBC Universal

2004 GE Capital acquires Dillard's credit card for $1.25 billion

2004 GE sells of life and mortgage insurance assets

2005 GE acquires the financial assets of Bombadier for $1.4 billion

2005 GE acquires IDX Systems for $1.2 billion

2006 GE Advanced Materials division is sold for $3.8 billion

2006 GE acquires Apollo Management and Zenon Environmental Systems

2007GE acquires Smiths Aerospace, Microwave Data Systems, and VetcoGray

2007 GE Plastics is sold for $11.7 billion

2007 Aviation Security devices that detect explosives and nuclear material

2008 1st hybrid locomotive, large scale hauler, and airplane

2009GE buys out remaining Vivendi stake in NBC Universal and givescontrol to Comcast

Section V Imperatives

There are few guarantees in the business world, but during these trying economic

times all corporations are feeling the effects. Since the beginning of 2008, GE has seen their

sales and profits drop like never before. This is a company with a history of success, but now

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is faced with a decision on how to move forward. GE will have to ask itself if their sales will

rebound soon or will the company be forced to reorganize in a significant fashion. The

financial crisis and credit crunch is the biggest concern to GE because of the large amount of

their operations focused within financial services.

The global marketplace is the other major concern that GE will not be able to avoid in

the future. Their products and services affect people around the global and they will continue

to have to run their operations as a global company. Historically GE has done a great job of

leading their business around the globe and there is no reason to believe this will change.

They started research in India in 1999 and followed the with an R&D center in China in

2002. GE manufactures products in over 100 countries around the world and that brings in

over half of the company profits.22

The last imperative we see for GE is being a socially conscious corporation and

helping with topics such as global warming, pollution, and improving health throughout the

world. For this topic, the company has shown their true colors in the products they sell. From

hybrid engines and medical technology, GE is producing products that save energy, help

diagnose disease earlier, and bring these products to people in every corner of the world.

Section VI Strategic Assessment

General Electric has been the leader in strategic planning for decades and this

continues today. GE constantly reviews performance of their operations and this helps

identify risk and areas that need to be addressed. GE made great decisions to leave the

mortgage and life insurance industry in 2004 that helped eliminate an enormous amount of

22http://www.ge.com/company/worldwide_activities/index.html

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risk on the financial services side of the business. The recent NBC Universal transaction

shows their focus on improving areas that are not performing up to GE standards. The recent

economic problems around the world have hurt profits, but in no way have jeopardized the

corporation. The decisions of the leadership team have made this possible and put the

company in a position to turn around quicker than most.

Looking five years into the future, we dont believe you will see a great deal of

change in the strategic planning of GE because of the success over the last 100 plus years.

Corporate culture continues to push innovation and bringing new life changing products to

the market. These innovative methods will continue to shape GE and direct them to the

industry that their technology will direct them.

We believe you will still see the mergers, acquisitions, and divestitures that have

occurred quite frequently over the past ten years. This has helped GE create new

opportunities, reduce risk and continue to adapt to the ever changing global marketplace. In

the end, our success is measured not only by our ability to think big, dazzling thoughts, but

by our commitment to sweat the small stuff that brings ideas to life. It's a way - thinking and

doing - that has been at the heart of GE for years.23

Section VII - References

Arango, Tim TA. (2009, December 3). G.E. makes it official: NBC will go to Comcast.New YorkTimes, Retrieved fromhttp://www.nytimes.com/2009/12/04/business/media/04nbc.html

Bovee, Courtland (2007)Excellence in Business Prentice Hall

Glader, Paul PG. (2009, October 19). GE points to recovery despite profit decline. Wall StreetJournal, Retrieved fromhttp://online.wsj.com/article/SB10001424052748704322004574476741575786518.html

23http://manonamission.blogspot.com/2005/02/ges-ge-mission-statement.html

16
http://www.nytimes.com/2009/12/04/business/media/04nbc.htmlhttp://www.nytimes.com/2009/12/04/business/media/04nbc.htmlhttp://online.wsj.com/article/SB10001424052748704322004574476741575786518.htmlhttp://manonamission.blogspot.com/2005/02/ges-ge-mission-statement.htmlhttp://manonamission.blogspot.com/2005/02/ges-ge-mission-statement.htmlhttp://www.nytimes.com/2009/12/04/business/media/04nbc.htmlhttp://online.wsj.com/article/SB10001424052748704322004574476741575786518.html


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General Electric 2008 annual report. (2008). Retrieved fromhttp://www.ge.com/ar2008/pdf/ge_ar_2008.pdf

General Electric web page. (2009, December 1). Retrieved from http://ge.com

GE's Mission Statement. (2005).A Man on a Mission, Retrieved fromhttp://manonamission.blogspot.com/2005/02/ges-ge-mission-statement.html

Lamy, Pascal (2008, Dec.31) Retrieved Nov. 28 2009 from www.newsweek.com/id/177432

Laverge, Amy (2006, Mar 24). Retrieved Nov. 28 2009 fromwww.mccombs.utexas.edu/news/pressreleases/immelt06.asp

Mokhibar, Russell (2000, May 25) Retrieved Nov. 29 2009 fromwww.motherjones.com/politics/2000/05/general-electrics-global-assault

Retrieved Nov. 28 2009 from

www.wikinvest.com/stock/General_Electric_Company_(GE)/Data/Revenue_Breakdown?ref=topnav

Retrieved Dec. 1, 2009 fromhttp://en.wikipedia.org/wiki/General_Electric_timeline

Retrieved Dec. 2, 2009 fromwww.wikipedia.org/wiki/General_Electric

Shah, Anup (2005, Aug. 4) Retrieved Nov. 27 2009 fromwww.globalissues.org/article/43/deregulation-or-protectionism

Slater, Robert (1999)Jack Welch and the GE Way McGraw-Hill

Welch, Suzy (2005) WinningHarper Business

Yoon, Eunice (2009, Jan 21) Retrieved Nov. 29 2009 fromwww.cnn.com/2009/WORLD/asiapcf/01/21/china.economy/

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http://www.ge.com/ar2008/pdf/ge_ar_2008.pdfhttp://ge.com/http://manonamission.blogspot.com/2005/02/ges-ge-mission-statement.htmlhttp://www.newsweek.com/id/177432http://www.newsweek.com/id/177432http://www.mccombs.utexas.edu/news/pressreleases/immelt06.asphttp://www.motherjones.com/politics/2000/05/general-electrics-global-assaulthttp://www.wikinvest.com/stock/General_Electric_Company_(GE)/Data/Revenue_Breakdown?ref=topnavhttp://en.wikipedia.org/wiki/General_Electric_timelinehttp://en.wikipedia.org/wiki/General_Electric_timelinehttp://www.wikipedia.org/wiki/General_Electrichttp://www.wikipedia.org/wiki/General_Electrichttp://www.globalissues.org/article/43/deregulation-or-protectionismhttp://www.cnn.com/2009/WORLD/asiapcf/01/21/china.economy/http://www.ge.com/ar2008/pdf/ge_ar_2008.pdfhttp://ge.com/http://manonamission.blogspot.com/2005/02/ges-ge-mission-statement.htmlhttp://www.newsweek.com/id/177432http://www.mccombs.utexas.edu/news/pressreleases/immelt06.asphttp://www.motherjones.com/politics/2000/05/general-electrics-global-assaulthttp://www.wikinvest.com/stock/General_Electric_Company_(GE)/Data/Revenue_Breakdown?ref=topnavhttp://en.wikipedia.org/wiki/General_Electric_timelinehttp://www.wikipedia.org/wiki/General_Electrichttp://www.globalissues.org/article/43/deregulation-or-protectionismhttp://www.cnn.com/2009/WORLD/asiapcf/01/21/china.economy/

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Behm-Chessor GE Paper[3]