Mon, Mar 09, 2009
Marketing Strategy For A Recession: Develop Products For A New
Customer Base
A bright spot for General Electric
in these gloomy economic times, as a producer of a wide range of
goods, is GE Aviation... which contributed Q4 2008 profits of $1.16
billion for the Technology and Infrastructure segment, a 21 percent
increase over 2007. Revenues of $5.2 billion were up 2 percent over
the same period in 2007.
General Electric's Aviation division, the world's largest
producer of jet engines, has long dominated the commercial jet
segment of the engine market. But even GE has been forced to trim
its workforce by 1,000 jobs in the wake of the
global recession.
In a strategy to broaden its base and gain a firm foothold in
general aviation, GE is developing smaller engines designed
specifically to power light- and mid-sized jets.
Cincinnati's Business Courier reports that despite recent harsh
criticism of the use of business jets, GE company officials are
optimistic about carving an important niche into a market forecast
to improve, but dominated by rival engine manufacturer Pratt &
Whitney and systems designers Honeywell International and Goodrich
Corp.
Chet Fuller, GE Aviation's general manager of marketing, said,
"In undoubtedly the worst economic crisis since World War II, it's
still a tremendous space. There are two things fueling business
aviation, and they aren't going to change."
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