GE’s framework enables it to be at the forefront of the markets in which it participates because it has a competitive advantage over other companies.
This makes the company a step ahead of the others. There has to be an effective strategy combined with sufficient resources to attain this (Porter, 2001). The company should deliver the same products or even better than their competitors while at the same time ensuring that they have minimum costs and this is what GE does to stay ahead.
The company I would like to work in is Microsoft. In order to attain a competitive advantage, it must have resources and capabilities that are better than those of its competitors.
Resources are those assets that can be used to attain a competitive advantage (Gambino, 2009). These resources should be hard for competitors to acquire. For instance, industry market share, company image, and copyrights are good for business. All these are aspects that Microsoft has.
GE’s strategies can be applied in my firm by creating superior value. This means that the company should ensure that the customer has superior benefits while using minimal costs. Defending against substitute products and also taking advantage of technology in acquiring this is of benefit.
Application of GE’s lessons could be applied in my firm by first clearly studying the market and also marking out the competition. Rather than get scared of competition, one should strive to learn not only from their competitors but also the market. After attaining a competitive advantage, the company also has to strive to maintain that advantage.
The firm also has to take advantage of business information resources and using it to out rank their competitors. The firm should also have advantageous capabilities over other companies (Saleemi, 2010). For example, bringing products to the market before other companies is helpful. These capabilities enable a distinct advantage over competitors.
References
Gambino, P. (2009). Building Strong Businesses. New York: Sage Publications.
Porter, M. (2001). Competitive Advantage: Creating and Sustaining Superior Performance. NewYork: Routledge Publishers.
Saleemi, N. (2010). Starting Businesses. London: Prentice Hall.