The paper "Integrating Strategic Management and Budgeting" is a great example of a Management Case Study. Business performance is a critical component in measuring the success of the commercial enterprise. These can be contextualized in terms of strategic performance and financial performance (Blumentritt, 2006, p. 73). Hence strategy formulation is a principal ingredient in the success of an organization. According to Pollard and Hotho (2006, p. 726), the current dynamic and competitive business environment imply that business organization has to put in future plans so as to enhance their competitiveness, guide change and add value to clients (business performance).
Strategic performance relates to how a firm executes its operational goals that encompass the acquisition of new customers, the introduction of new brands and services, improving efficiencies and aligning human resources with the overall strategy among others (Blumentritt, 2006, p. 73). In executing this plan, the link between human resources and the outlined strategies is critical (Gannon, Goherty and Roper, 2012, p. 514) so as to achieve business goals (Massey, 1994, p. 27). This report outlines the General Electric company strategy and how it is linked with its human resource as a key success factor so as to ensure success.
The report will narrow to the strategies initiated by the immediate former chairman and CEO Mr. John Francis Welch Jr. (Jack Welch) and the current chairman and CEO Mr. Jeffrey R. Immelt. General Electric (GE) is a multinational company dealing energy, health & home, transportation & finance, building, powering, moving & curing the world through best people and the best technologies which are able to take the toughest challenges. They call these engagements as things that matter (GE, 2013a).
The man who set the foundation for this multinational giant is Thomas Alva Edison who established a laboratory in Menlo Park, New Jersey so as to explore possibilities of the dynamo and other electrical appliances. In 1980, Edison founded Edison General Electric Company by unifying his various business outfits. From 1878-1904, they were able to come up with wonderful products like the first central power station and the first X-ray machine (GE, 2013b). In the same timeline, a competitor known as Thomas-Houston Company emerged. Owing to stiff competition the two couldn’ t produce complete electrical installations relying squarely on their own patents and technology.
Thus, in 1982, they were forced to merge giving birth to General Electric Company. Indeed of the pioneer business offerings are still being produced up to now. These include lighting, transportation, industrial products, power transmission and medical equipment (GE, 2013c). While the company exhibits a strong presence, it has not outlined clearly its vision and mission. However, for vision, the emerging theme is ‘ imagination’ at work and the mission is ‘ imagine, solve, build and lead’ .
Moreover, one of the principal focuses of the firm is research and development. To attain this, the company has invested in global research and development facility. Currently, they have approximately 36, 000 technicians working in their businesses and global research centers (GE, 2013d). In a nutshell, they combine minds and machines so as to increase efficiency and minimize waste for smarter decisions. In addition, the company plays a critical role through their ventures by identity, scaling and accelerating ideas that can advance industries and improve lives. This they attain by combining capital, technical and commercial expertise, infrastructure and their global network of businesses and partners (GE, 2013e).