General Electric Company (GE) is a financial services and a diversified technology multinational conglomerate organization that is incorporated in the United States. It was founded in the year 1892 due to amalgamation of Thomson-Houston Electric Company and Edison General Electric Company. GE deals with technology, monetary, and media services. It is considered one of the most successful organizations of all times. The products and services offered by GE range from power generation, household utensils, water processing, business and consumer financing, aircraft engines, and industrial products. Its services are now extended to more than 110 countries around the globe.
Implementation of Limited Distribution Strategy
In marketing and business, protection of the Company’s products and services and maintaining the trust it has to its customers is very vital. Therefore, GE implemented a limited distributed strategy that will play an exception role in the success of the company. One distribution strategy that was implemented was the monogram. Monogram served to ensure that GE’s customers have a sign that will distinguish its products from the products made by other companies. As a result, a particular staunch customer who has bestowed a lot of trust in products will not be lured to acquire a similar product made from other companies.
In addition, the Company will carefully make a wise decision on choosing a trustworthy dealer whom they want to distribute their products. This is because an egocentric dealer may market other company’s products in the name of General Electric for his own benefits. This may mean that when a customer purchases a fake product with the name of General Electric, he will lose his trust on the company, thus, turn to other companies. Moreover, this dealer should be able to protect new, valuable, and delicate brands that have been released into the market.
This distribution strategy reduced the number transactions that are required to move their products to different customers. Consequently, this would reduce the expenses that are incurred during the process of transporting the products, thus, lower the final retail price. GE also provided the necessary support to customers as another means of distribution strategy. It ensured that their dealers display their products in a manner that is appealing to customers by training them on the correct way of displaying. Besides, they provided all the products requirements and specifications of their products, which are placed beside specific products. For example, microwaves are placed in a specific area with their distinctive features so that when a customer goes for shopping, he/ she can make an informed decision.
How GE was Able to Evoke an Emotional Buying Strategy for Customers Purchasing Appliances
The prosperity of any organization or Company relies particularly on its customers. GE, being not an exception, had to invent and implement strategies that would win the customer’s interest to buy appliances. It had to invest new products. Most of the customers have a belief that new products are more advanced with some features that are not available in old models. Therefore, GE had to make sure that it has updated its stock with the new products so as to maintain old customers, bring back lost customers, and win more new customers.
Introducing Products That Have Many Appliances Integrated Together
This involved manufacturing of a product that would have many appliances as a single product instead of many separate appliances. Customers would be encouraged and convinced to purchase such a product since it would serve them many services. For example, instead of having a refrigerator and other kitchen separate, they had redesigned a whole kitchen.
GE was also able to provide a variety of products. This ensured that their customers got all they required from the Company. By so doing, they would stick to the company for a particular type of products. Also, shopping on a variety of products can trigger customers to purchase a product that they did not intend to purchase. Introduction of better products excites customers. Many people believe that a better product offers a better service than low quality products. This is because better products have cut edge features over ordinary products.
How GE was Able to Move Upstream in Price
One of the main aims of any organization is to get money so the businesses could be expanded. In order to achieve this, an organization has to sell its products and services at a reasonable value that can generate adequate capital. To move upstream in price, GE implemented various strategies. One was to appeal customer aspirations. This involved introducing products that customers wanted and not those the company’s management thought were supposed to be brought into the market. Having better products could be the most important factor that would be used to realize a better value. Many consumers prefer better products regardless of their price. As a result, GE was able to move upstream in price since their products were believed to be of value. Moreover, it made a commitment to new products which were different from what those the company had previously. Many people would move to have a new product, thus, they would buy even if they find the price a little higher than of the old commodity.
In conclusion, General Electric Company was able to achieve its business and marketing objective by implementing limited distributed strategy. In addition, it was able to evoke emotional buying experience for customers purchasing appliances and move upstream in price through the application of various strategies. It was, finally, able to achieve its objectives, and that is why it has thrived well to date.