I need the following files that I have attached to be summarized into a power point format into about 4 to 5 slides using the information provided. I have also provided a sample power point of what is needed. To be clear only the slides that say week 2, 4, 6 need to be done for this assignment and the file not numbered is week 2
Using the previous research from the team papers, provide a high level summary of the following concepts.
- Week 2: National Differences in Political Economy and Economic Development
- Week 4: Differences in Culture and Ethics in International Business
- Week 6: Product Life-Cycle, New Trade Theory and Porter's Diamond of National Advantage,Global Production, Outsourcing, and Logistics
General Electric General Electric TEAM D: XAVIER HARRIS, SANA KHAN, EDINA MEHOVIC, AND RICHARD RAYFORD INTL500 INTERNATIONAL BUSINESS PERSPECTIVES PROFESSOR AMIN GHANEI OCTOBER 27, 2019 Overview of General Electric Founders Thomas Edison and Charles Coffin Founded in 1892 130 Countries 283,000 Employees worldwide Ten divisions In 1892, Thomas Edison from General Electric Company, and Charles Coffin from Thomson-Houston Company, merged to form a new company called General Electric Company ("Thomas Edison & The History of Electricity", 2015). General Electric has since then become a multinational corporation that is in 130 countries and has over 283,000 employees worldwide. Moreover, there are ten divisions such as GE Capital, GE Aviation, and GE Healthcare to name a few. General Electric’s longevity, global presence, and numerous divisions are some of the reasons our team was interested in learning more about this multinational conglomerate. Week 2 - Political Economy and Economic Development United States economy Political system Legal system Impact of political and economic progress in the U.S. U.S. impact on corporate culture and practices Economic systems are the means by which countries and governments distribute resources and trade goods and services. Although the American economy is a free market which allows substantial freedom to buy, sell, and produce in a competitive market, it also has elements of regulation which is a characteristic of a command economy. Best described, the United States can be labeled as a mixed economy. American citizens are equipped with private property rights, self-interest, freedom of choice, market prices, and competition. However the U.S. is involved in the the regulation and guidance of the economy and controls major aspects such as healthcare and education. The U.S. runs on a Democratic political system and affords their citizens the opportunity to be involved in decision-making by electing their representatives. These voted on representatives then form the U.S. government and are to represent the voice of the people they serve. A country's laws regulate business practice, define how business transactions are to be executed, and set down the rights and obligations of those involved in business transactions (Hill & Hult, 2017, p. 48). In the U.S., the primary driver of the legal system is the U.S. Constitution. It divides Federal power among the executive, judicial, and legislative branches of government to allow for checks and balances. The U.S. uses the universal law system which is based on traditions, customs, and precedent and judges are the most relevant legal authorities. In recent years, the US has suffered some economic setbacks. It was plagued with high unemployment rates, a recession, and a financial crisis. However, as of 2018, the US is recovering in many economic areas. Unemployment has had a sharp decline, manufacturing is making a comeback with its most successful year in 25 years, inflation remained within control, and the US has become a crude oil exporter (Trevisani, 2018). With the recent upswing in the economy, the country and its businesses should be reveling in a successful recovery. Democrats gained control of the House of Representatives in late 2018 and Congress is controlled by the Republicans. Furthermore, the country’s President, Donald Trump, is a Republican. Conflict between the two parties places the entire government in a gridlock where it will become very difficult to pass initiatives into law (Trevisani, 2018). Going one step further, President Trump continues to antagonize various countries around the world causing further complications for the US. General Electric is now feeling the effects of tariffs and trade wars being ignited by the current U.S. government. GE had a successful first quarter and envisioned this would be the case through the remainder of 2019. However, with the imposed tariffs against imports from China, GE is now faced with massive increases in costs on imported goods (Scott, 2019). This will weaken their overall earnings in 2019. According to an article in Reuters, recovery from GE’s recent losses will take at least two more years (Scott, 2019). The U.S. functions on capitalism which means “an economic system characterized by private or corporate ownership of capital goods, by investments that are determined by private decision, and by prices, production, and the distribution of goods that are determined mainly by competition in a free market” (capitalism, p. 1). The great factor of company having started their roots in the United states is that most are accustomed to globalization and the melting pot of a country we are, which means we technically understand that as a company we would try to understand the customs and ethics of another country before proceeding to make any type of contracts. GE is located all over the world, which means that the leaders understood that having some understanding of the language, religion and ethical system is very important to be able to communicate and not be offensive to and customs are important to them. Week 4: Differences in Culture and Ethics in International Business Code of Conduct Business Policies and Procedures Marketing Mix General Electric code of conduct is to be honest, fair and trustworthy in all activities and relationships. Ge strives to create a safe workplace and to protect the environment. The General Electric Company is committed to unyielding integrity and high standards of business conduct in everything we do, especially in our dealings with GE suppliers, contractors, consortium partners and consultants. GE bases its Supplier relationships on lawful, efficient and fair practices, and Suppliers must adhere to applicable legal and regulatory requirements in their business relationships as set out in this GE Integrity Guide for Suppliers, Contractors and Consultants in connection with their activities for GE. Overseas customers are invited to travel to visit training facilities at GE expense. Low-cost suppliers offers good quality and reliable delivery at an affordable price. GE addresses any uncomfortable working condition suppliers provides its workers. GE does business with suppliers that comply with local and other applicable legal requirements and GE guidelines relating to labor, the environment, health and safety (General Electric, 2016). The marketing mix is the set of choices the firm offers to its targeted markets. Many firms vary their marketing mix from country to country, depending on differences in national culture, economic development, product standards, distribution channels, and so on. The best way to think about the marketing mix is that it represents the tactical activities and behaviors that are implemented by a global company based on its international marketing strategy to offer the best possible “mix” of product, distribution, communication, and price to a specific target market in a country or region (Hill & Hult, 2017). Ge employees are global, diversed and dedicated, operating with the highest integrity and passion to fulfill GE’s mission and deliver for customers globally. Week 6: Product Life-Cycle, New Trade Theory and Porter's Diamond of National Advantage Product Life- Cycle Four stages: Development, growth, maturity and decline New trade theory Developed in 1970’s as a way to predict international trade patterns Porter’s Diamond of National Advantage A model designed to help understand the competitive advantage that nations or groups posses due to certain factors available to them A product's life cycle is its progress from when it is created to when it is discontinued. There are four stages in the cycle, which are development, growth, maturity, and decline. The product life cycle helps business owners manage sales, determine prices, predict profitability, and compete with other businesses (Gray, 2017). In recent years, GE (General Electric) has taken new initiatives to improve their product life cycle. GE Global Research, the technology development arm for the General Electric Company, has established the Eco assessment Center of Excellence as part of its Ecomagination initiative. They’re focused on developing measurement tools and processes to assess and manage a product’s environmental footprint throughout the entire lifecycle of the product from raw materials used in the early stage research to the end of a product’s useful life. The ecomagination initiative is GE’s commitment in developing and driving clean technology and product solutions that help solve environmental challenges. To ensure their success, GE doubled their level of investment in clean research and development from $700 million in 2005 to more than $1.5 billion in 2010. Since the initiative was launched in 2005, GE has more than quadrupled the number of environmental products from 17 to more than 80 enabling GE Digital Energy to release the latest addition to its ecomagination product portfolio, the 750 kVA SG Series Digital Energy uninterruptible power supply (UPS) system for data centers. New Trade Theory (NTT) is an economic theory that was developed in the 1970s as a way to predict international trade patterns. NTT came about to help us understand why countries are trade partners when they are trading similar goods and services. This is especially true in key economic sectors like electronics, food, and automotive. For example, we have cars made in the United States, yet we purchase many cars made in other countries. The NTT has been a vital part of GE’s success. Trade is critical to GE and its workers, suppliers and other supporters. Sound trade policies are important to GE, largely because they promote general economic growth and help smaller companies. As a global company, GE has the capacity to navigate increasingly complex international markets. Recognized as one of America’s largest exporters, GE sells products and services in over 180 countries around the world. In 2018, more than 60% of GE’s orders came from customers located outside the United States. These types of statistics are good for the United States because it gives employees in the U.S who build products and ship them overseas an opportunity for more work. The Porter Diamond, properly referred to as the Porter Diamond Theory of National Advantage, is a model that is designed to help understand the competitive advantage that nations or groups possess due to certain factors available to them, and to explain how governments can act as catalysts to improve a country's position in a globally competitive economic environment (Investopedia, 2019). According to Daniel Kissinger, General Electric Company (GE) maintains its status as a major industry influencer through strategies that support growth and competitiveness. These strategies are the conglomerate’s responses to external factors in industry environments, such as the ones identifiable through the Five Forces Analysis model. The analysis evaluates external factors and the intensity of their influence on the company in question (Kissinger, 2017). Marketing and R&D introduction Innovation Products and Services Manpower B2B and B2C commerce Marketing Channels Research and development (R&D) refers to the activities companies undertake to innovate and introduce new products and services. It is often the