The Decline and Collapse of General Motors - Free Essay Example

Sample details Pages: 3 Words: 1019 Downloads: 5 Date added: 2017/09/14 Category Advertising Essay Did you like this example? The Decline and Collapse Of General Motors ntroduction General Motors (GM), who once dominated the automobile industry, has now plummeted, almost to the point of extinction. Throughout the 1940’s to the 1970’s General Motors (GM) had dominated the automobile industry. By the 1980’s, GM was suddenly facing a shift in the economy and consumer demands. Don’t waste time! Our writers will create an original "The Decline and Collapse of General Motors" essay for you Create order GM’s Earlier Successes In the 1950’s, GM agreed to pay their workers well, by signing groundbreaking long-term employment union contracts which included: †¢workers to be the highest paid in America pay rates were automatically increased with the rate of inflation †¢workers were paid during shutdown periods †¢extensive health coverage †¢strong retirement benefits †¢substantial pension plans †¢full benefits for long time employees This benefited GM because it ensured that workers returned to work after shutdowns for model year changes. In the business world, GM was known for its large distribution, multiple brands, product lines and designs. To consumers of GM cars, it was all about speed and comfort. GM quickly became the leader in the automotive industry, with a market share exceeding 50%. What Went Wrong External Factors Gas Prices Unexpectedly oil prices skyrocketed, increasing from under $1. 00 a barrel in the 1960’s, up to $18. 00 per barrel in the 1970’s. In turn, gas prices had also risen from . 12 cents to $1. 00 per gallon during this same time period. That’s an 88% price hike. By 1973, consumers were looking for alternatives in saving money at the gas pumps; they started buying more fuel-efficient cars. During that time GM was still producing large vehicles with eight-cylinder engines, â€Å"gas guzzlers†, because they could earn much higher profits on these than on smaller vehicles. The cost to consumers to fill the gas tanks had caused sales to drop on these large trucks and SUV’s, and GM started losing its market share to foreign competitors. Foreign Competitors Once thought of as a none-threatening competitor, Japanese auto-makers took advantage of this shift in consumer demand. When their sales increased, Japanese manufacturers accepting a low profit margin reinvested the money back into the company to improve the quality of their products. Unlike, GM who hadn’t figured out how to sell smaller cars at lower prices, and still make a profit. Soon, they became the market leaders in the auto industry, filling the niches GM left open. Internal Factors Corporate Culture GM had always been known for its ingenuity and versatility in developing many of its brand named vehicles which made them so popular. Its marketing strategy was to have the largest distribution and selection of vehicles on the market. At GM’s peak of rapid growth, investors received generous portions of profit, employees were compensated extremely well for their work, and consumers received vehicles at modest prices. GM dominated the market for forty years, some of which were during times of economic hardships, and they weren’t willing to change their formula for success. High-Priced Cars GM had agreed to pay its employees according to their contracts, but in the 1970’s the rate of inflation skyrocketed above 10% per year. GM was forced to pay automatic increases, driving wage rates to new levels, and driving their car prices to new heights. With the economy slowing down, GM closed down its plants. The impact of its employment contracts that had caused them to pay workers, who weren’t working, boosted the price of their cars even more. Disgruntled consumers bought more foreign cars. GM tried to bring back its loyal customers by introducing the Chevrolet Vega, but with its low profit margins, it was soon taken out of production. GM’s New Tactics In an effort to regain GM’s market share, Chairman Roger Smith, made the decisions to shut down several of its factories, which devastated some Midwestern towns. Smith opened a new GM division that would compete with Japanese imports. The new division leaders were allowed to negotiate new labor contracts with its employees, design entirely new cars, and open new dealerships. GM was given the opportunity to make radical changes and regain its market leadership, they failed. The Saturn was introduced, but has recently closed its doors. Adam Hartung (a business advisor), says GM could have avoided its present dilemma. According to Hartung, Smith shouldn’t have opened a new division separate from the main firm. Instead he says Smith should have focused on making dramatic changes within the existing company’s labor structure, dealer structure, and vehicles, by imitating its competitors. GM’s Demise It was GM’s arrogance that led this company to their present demise. GM had monopolized the auto industry for so long, they thought they were infallible; believing that its competitors would never have the resources or capability that they had. GM never considered shifts in the environment (gas prices and a declining economy) and consumer demands for quality and fuel-efficient automobiles. Too busy with their own internal problems, like employee contracts that forced them to focus on high profits; they had ignored and underestimated their competitors. GM has lost its share of the market. Had they focused on the innovation they had when the company was first established, they may not be in the situation they are in today. It appears that they had drifted away from their mission to become and stay the leader of the automotive industry, now their paying the price. Recently, GM’s stock price had fallen from $96 per share, to . 80 cents a share. Conclusion To avoid such harsh repercussions, GM should have had a contingency plan for emergencies, should unforeseen circumstances arise they would have an alternative plan. Every company must adapt quickly to sudden changes in the environment especially during down-turns in the economy if they are to survive. Implementing new strategic plans should have been considered. Had they planned for changes in the environment they could have renegotiated the employment contracts. Monies would then be available for repositioning and restructuring the company. Innovation would be alive and well, and by reducing its cost of doing business, the prices of its cars would once again be affordable to its loyal consumers. https://www. thephoenixprinciple. com/ebooks/thefallofgm_adam_hartung. pdf

Academic Success Videos Sleep And The College Student

Academic Success Videos: Sleep and the College Student. Academic Success Videos: Sleep and the College Student. Dartmouth University, 22 July 2011. Web. 24 Feb. 2016. . This source was produced by The Media Production Group at Dartmouth and Dr. Carl P. Thum, Director of the Dartmouth Academic Skills Center. Carl Thum himself works with students at Dartmouth University in which he provides coaching for students suffering from ADD and also leads various workshops, mini-courses, and coaching sessions for students as well. In this video, several students and faculty members are interviewed on the relationship between sleep and being a college student. In the various interviews, the students admit to the struggles they have in being able to function when suffering from sleep deprivation and how severely the lives are affected from it. The faculty members themselves admit to the several instances in which they have witnessed students suffer as a result of sleep deprivation in their testimonials. I will be incorporating this video to indicate the varying degrees at which sleep deprivation can affect students and will include quotes from other students in t his video in order to create more relatability for the reader when hearing from students besides myself and how they have learned to address sleep. Hershner, Shelley D., and Ronald D. Chervin. Causes and Consequences of Sleepiness among College Students. Nature and Science of Sleep. Dove Medical Press, 23 June 2014. Web.Show MoreRelatedBenefits Of Living On A College Campus Essay1729 Words   |  7 PagesThe Benefits to Living on a College Campus One of the most controversial and toughest decisions to make before starting college is whether it would be more beneficial to live on campus, or off campus. 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Lg Hr Policies Free Essays

LG ELECTRONICS LTD {draw:frame} A great working environment will allow you to exercise and develop all of your skills, and you’ll be duly rewarded too! LG Electronics creates working environments that enable all its employees to demonstrate their capabilities, focus on their own work, and create value. HR Principles {draw:frame} Creativity and autonomy An individual’s creativity is the basis for value creation. LG Electronics respects diversity and autonomy, allowing each of its employees to exercise their creativity to the full. We will write a custom essay sample on Lg Hr Policies or any similar topic only for you Order Now Emphasis on competence Competence is the basis for performance. LG Electronics sees competence as the most important factor in its personnel decisions. Performance-based rewards Rewards based on performance are essential for human motivation. LG Electronics evaluates performance results fairly and rewards them accordingly. Equal opportunities Equal opportunities build trust among people. LG Electronics ensures equal opportunities regardless of gender, race, age, religion, or nationality. Long-term perspective Maintaining a long-term perspective is the foundation for LG’s human resources policies. LG’s human resources programs are designed with a long-term perspective and implemented with dedication and persistence. {draw:frame} Training Through its education centers worldwide, LG Electronics offers diverse educational programs to its employees according to rank and job to encourage growth and development and mold them into â€Å"the right people† for the company. They do this by equipping them with the professional capabilities that the company needs and enabling them to apply the latest technologies to their work. Rewards LG Electronics offers its employees a competitive, unique rewards system that takes account of their working situations by nation, region, and job. This rewards system motivates employees to perform better by helping them to enhance their quality of life. LG’s rewards system consists of fixed salaries and flexible salaries. Fixed salaries are determined every year through a fair evaluation process. Flexible salaries are immediate rewards given to individual employees for their performance and competence. How to cite Lg Hr Policies, Essay examples