Strategic Management
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Review your classmates’ answers:
Find an Executive Overview, posted by a classmate, for which you did not entirely understand the conclusions or strategic direction for the company and one that you completely agreed with.
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Executive Summary
Honeywell is an innovative invention company that invented products that are sure to be in your home or workspace. These products span four areas: aerospace, home, and building technologies, performance materials, technologies, and safety and productivity solutions. Honeywell began in 1885 when an inventor named Albert Butz invented a furnace regulator and alarm. It was what we would recognize as a thermometer with a clock underneath it (Honeywell, n.d.).
Honeywell has evolved into a dynamic industry prompting other companies like General Electric and 3M to compete. General Electric Company operates through its industrial segments, power, renewable energy, aviation, and healthcare. 3M operates through safety and industrial, transportation and electronica, and healthcare (Yahoo Finance, 2022). To rise above their competition, Honeywell must act on several strategic elements. For starters, having a solid vision and mission statement will let customers and stakeholders know what the company’s goals are. Another tool would be to conduct a SWOT analysis of their internal and external strategies. This would assist them in excelling within their company and against their competitors. This paper outlines a few key SWOT analysis for Honeywell.
This paper will also address the strategic analysis of Honeywell. Reviewing their most recent press releases and the pros and cons of their actions. Honeywell is constantly developing technology to advance sustainability efforts across different industries. “A bad sustainability record will hurt any firm in any market, jeopardize its standing in the community, and invite scrutiny by regulators, investors, and environmentalists” (David, David, & David, 2019, p. 307). Honey has a great approach to the sustainability of its brands. I would like to see Honeywell succeed.
References
David, F. R., David, F. R., & David, M. E. (2019). Strategic Management Concepts and Cases. Upper Saddle River.
Honeywell. (n.d.). The history of Honeywell. Honeywell. Retrieved from https://www.honeywell.com/us/en/company/our-history
Yahoo Finance. (2022). GE & 3M. Yahoo Finance. Retrieved from https://finance.yahoo.com/quote/GE?fr=sycsrp_catchall
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