...Lincoln Electric Case The Lincoln Electric Company upholds the motto of producing the best quality products at the lowest cost. It is the world's largest manufacturing company that primarily makes welding products. It has also become one of the world's leading manufacturers in arc welding equipment since World War II. Lincoln Electric's organizational culture and philosophy is still strong and consistent and continues to persist. Its strong culture and company philosophy has driven the company to remain successful over the years and the reason why it's still successful today. The company's approach to motivate its employees is both simple and unwavering. It has built a climate that fosters individual growth and continual improvement and productivity and has implemented a very clever incentive system. Firstly, the company creates better quality products and progressively continues to make better quality products than its competitors at such low costs mainly because of its employees. Lincoln Electric nurtured the idea of individual growth. The foundation of the company is based on employee development. To drive its employees to seek growth in their abilities and to motivate them to be more productive, they championed the idea competition. The company believed that competition makes a man work harder. It eliminates lazy and incompetent workers and pushes people to perform at their ultimate best. Competition develops progress and determination. It takes the hidden talents and...
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...BUSI 1317: Srategic management | Lincoln Electric | The Welding Industry’s Titan | | | | 1st December, 2014 ABSTRACT The purpose of this paper is to analyze Lincoln Electric’s overall strategy and business model and evaluate how generalizable is the company’s business model in other industries, specifically focusing on feasible strategies for one of the fastest developing country, India. | Contents Lincoln Electric’s Background 2 Recent Reporting 2 Main Features of the Lincoln Electric Business Model 2 Company Philosophy 2 Overall Strategy 3 Compensation, Leadership and Communication 3 How generalizable is Lincoln Business Model to other industries? 4 How generalizable is the Lincoln’s approach to India? 5 Employment System 5 Incentive System 6 Conclusion 6 Appendices 7 Exhibit 1: Hofstede's Dimensions Comparison - India & USA 7 Exhibit 2: India and U.S GDP Comparison 7 Bibliography 8 Lincoln Electric’s Background Lincoln Electric Company is the largest manufacturer of welding equipment in the world and has been in existence for over 100 years since 1895. The founder, John C. Lincoln started the business selling his own designed electric motors with the $200 he made from redesigning Herbert Henry Dow’s engine (Paul F. Buller, 2006). The company grew steadily, and in 1906 sales rise to $50,000 a year. John expanded his work force and in 1907, his brother, James F. Lincoln joined the company as a senior manager and introduced...
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...The Lincoln Electric Company is the world’s largest manufacturer of arc welding products and a leading producer of industrial electric motors. Their key competency is achieving higher worker productivity. Every year the company has seen high profits and bonuses. Employee morale and productivity remains very good and employees are very loyal to the company. The company also puts customers goals as top priority. This is a very organic organization. They do not have a formal organization chart in this company because they want to ensure maximum flexibility. They have an open-door policy in which employees take problems to the people that are most capable of solving them. Routine supervision is almost nonexistent. Lincoln has a fairly flat organization in which there are usually two or three levels of supervision between production workers and the president. Employees are evaluated on quality, dependability, ideas and cooperation, and output. They also have great job security, while also being able to participate in decision-making. Lincoln Electric does not really seem to have any big problems in their current operations while working under an organic structure, but one problem seems to be the lack of attention that the stockholders get. At Lincoln, the stockholders are given last priority. The whole philosophy behind this is that they think that it will be more profitable than investing money in any other way. Alternatives for this company is to work towards...
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...The author will decide which parts of the SWOT analysis are most relevant to the decision to invest in the company. The author will identify the company’s internal and external stakeholders and those stakeholders’ wants and needs. The author will also explain how the company is fulfilling those needs and if they are not; why those needs are not being meet and how he company can fulfill the needs not being met. Strengths Brand Image Ford Motor Company has strong brand recognition through out the world and is one of the oldest manufacture of automobiles in the world. The company manufactures and distributes automobiles in over 200 markets on six continents (Ford, 2012). Ford’s main strength is it’s brand image because of the Ford and Lincoln brand name (Ford, 2012). Ford place seventh in 2012 amongst the leading automotive brands, ahead of (a) Audi, (b) Hyundai, & (c) Lexus (Ford, 2012). The company’s market share in the United States increased from 14.2% in 2008, to 16.5% in 2011 on the combined sales of their cars and trucks (Ford, 2012). The company is the leading automaker in Canada and Turkey with a 17.1% and 15.8% of car and truck sales (Ford, 2011). Their share of the market in Brazil and Argentina is a respectable 9.8% and 12.9%. The company’s market share throughout the world greatly enhances their competitive advantage and has increased bargaining power (Ford, 2012) Operational Network Ford operates a globally strong and diverse operational network. The company...
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...Alex Mayer Dr. Higgason English 101 09/11/2013 College Degrees in America’s Labor Market College education essentially is the key to success in throughout life. It is common for high school students to question if college is important to their future. College gives student the opportunity to explore more specific paths of education, whereas high school gives a much broader scope of instruction. College education can provide a student with many more opportunities that they never would have known about had they not furthered their education past high school. Higher education is fundamental in a greater quality of life as opposed to joining the workforce out of high school. So much knowledge is gained while attending college that some employers are looking for candidates who have any type of degree even if it is not in specific field that the employer works in. Higher education is valued as an extremely important tool in today’s job market, and for candidates and employers a college degree has become the necessary admission ticket to good jobs. With so many blue collar jobs being lost due to technology or jobs moving out of America, it is extremely hard to find stable, good paying jobs out of high school. Most skilled labor jobs such as welders, pipe fitters, or machinist, require at least technical certification. No longer do companies want to high an eighteen year old high school graduate. This means that the company has to train and mold this individual to do the work...
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...LEADERSHIP IN ORGANIZATIONS(Draft Syllabus) B01.1302.25 Spring 2010 Professor R. Kabaliswaran Office: KMC 7-56 E-mail: rkabalis@stern.nyu.edu Office Hours: 11:30 AM– 1:00 PM on class days and by appointment Class Hrs: Wed 1:30-4:20 PM on Jan 27; Feb 3, 10, 17, 24; Mar 3, 10, 24, 31; Apr 7, 14, 21, 28. Due Dates Team Case Write-up: 2/24. Final Team Project : 4/28. Indiv Take Home Final: 5/2. ____________________________________________________________ _________________ Course Overview Welcome aboard! What do leaders do? What happens inside organizations? And how do these relate to each other? In a nutshell, that’s the stuff this course is made of. Business organizations of all types face chronic management problems that pose significant challenges to them. These problems include the difficulty of designing organizations capable of coping with highly dynamic business environments, the challenge of developing strategies and structures for hypercompetitive conditions, the greater complexity of managing global enterprises, the difficult task of shaping a corporate culture, managing politics and conflict between individuals and organizational units, motivating employees who are more mobile than ever, designing attractive incentive systems, managing and harnessing intellectual capital, and so on. Such challenges and how the top leadership can deal with them are the subject of this course. The course has two major components. The first is “macro” in nature. It focuses on organizational...
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...Syllabus MGT 496 Strategic Management and Policy, Spring 2016 Instructor: | Dr. Jim Sundali | Office: | 401D Business Administration | Class: | MW 1:00 & 4:00 in AB 102 | Office Hours: | MW 11:00-12:45 | Phone: | 775-682-9176 | E-mail: | jsundali@unr.edu (best way) | Web Site: | http://www.business.unr.edu/sundali/ | WebCampus: | http://wcl.unr.edu | Catalog Description Emphasis on the application of knowledge from all functional areas of business to organizational problems and the formulation and implementation of organizational strategies. (Major Capstone course.) Prereq(s): CH 201; ENG 102; FIN 301; MGT 323; SCM 352; junior or senior standing. Course Overview The theme of this course is the development and implementation of strategic missions, plans, objectives and tactics. You will develop strategic plans and engage in strategic management. We will integrate the knowledge you have acquired to this point in order to develop an understanding of how an entire organization functions and give you an opportunity to develop and exhibit your management and leadership abilities. Prerequisites: IS 301, FIN 301, MGT 323, SCM 352, and MGT 325 or ACC 460 Course Learnings Objectives MGT 496 is a University Capstone Course and will also serve as the coordinating course to satisfy the Ethics component of the Silver Core Curriculum. As such this course will satisfy the following three Core Objectives (CO): * CO12 Ethics: Students will...
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...Creativity, Innovation and Quality By Dr A. Blanton Godfrey (Former) Chairman and Chief Executive Officer, Juran Institute, Inc. I. THREE LINKED IDEAS: CREATIVITY, INNOVATION AND QUALITY Creativity, innovation and quality - what do these three possibly have in common? For any business to be successful, we need all three. Creativity drives the generation of ideas, and we need these constantly. We must continually reinvent our businesses. We must unleash the imagination of everyone in our organization. We must create the playfulness and fun to unleash this imagination. Albert Einstein knew that great thinkers don't have to take themselves too seriously and that: "Imagination is more important than knowledge." -Albert Einstein Innovation is the necessary step to turn these ideas into useful products and services, something we can provide to our customers, and something we can sell. Quality, the entire set of tools now known as total quality management or TQM, is the way we ensure that we know our customers, their needs and expectations, and how we are going to meet these needs and exceed their expectations. Quality also helps us continuously improve our products and services and to continuously reduce our costs of providing them. In this paper we'll try to pull together these three elements of successful entrepreneurship. All three elements - creativity, innovation and quality - have been studied extensively and independently. There are numerous books...
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...What began as a small chain of stores established by a group of Chicago-area retailers in 1924 has evolved into the nation’s leading retailer-owned cooperatives. Throughout the years, many things have changed. From a few Chicago-area hardware stores, Ace has grown to include 4,600 stores in 50 states and 60 countries. Yet one thing has remained unchanged — Ace's commitment to deliver quality, friendly and helpful hardware service to consumers. Take a trip through the past decades for a look at the milestones and achievements Ace has enjoyed through the years. 1920-1940: The birth of an American cooperative Timeline 1924: Uniting their Chicago-area hardware stores to increase buying power and profits, entrepreneurs Richard Hesse, E. Gunnard Lindquist, Frank Burke and Oscar Fisher forge the beginning of Ace Hardware. 1928: By year-end, 11 retailers join the fledgling company, now officially named Ace Stores, Inc. 1929: Ace opens its first warehouse, a 25,000-square-foot building in Chicago, and benefits from the public’s unwavering need for tools and hardware – even in the most unsettling economic times. 1931: Ace Stores, Inc., officially changes its name to Ace Hardware Corporation. Ace’s growing retailer base and buying power helps the company compete with mail order houses and chain stores. 1933: The Sherman Hotel in Chicago is home to the first formal retailer convention, and Ace’s 38 dealers from Illinois, Indiana and Wisconsin attend. 1939:...
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...* MECHANISMS FOR DEALING WITH SHAREHOLDER-MANAGER CONFLICTS * * AGENCY VERSUS CONTRACT * * FURTHER READING: Agency theory suggests that the firm can be viewed as a nexus of contracts (loosely defined) between resource holders. An agency relationship arises whenever one or more individuals, called principals, hire one or more other individuals, called agents, to perform some service and then delegate decision-making authority to the agents. The primary agency relationships in business are those (1) between stockholders and managers and (2) between debtholders and stockholders. These relationships are not necessarily harmonious; indeed, agency theory is concerned with so-called agency conflicts, or conflicts of interest between agents and principals. This has implications for, among other things, corporate governance and business ethics. When agency occurs it also tends to give rise to agency costs, which are expenses incurred in order to sustain an effective agency relationship (e.g., offering management performance bonuses to encourage managers to act in the shareholders' interests). Accordingly, agency theory has emerged as a dominant model in the financial economics literature, and is widely discussed in business ethics texts. Agency theory in a formal sense originated in the early 1970s, but the concepts behind it have a long and varied history. Among the influences are property-rights theories, organization economics, contract law, and political philosophy...
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...Media History Contents 1 Introduction 1.1 Mass media . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.1.1 1.1.2 1.1.3 1.1.4 1.1.5 1.1.6 1.1.7 1.1.8 1.1.9 Issues with definition . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Forms of mass media . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Purposes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Professions involving mass media . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . History . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Influence and sociology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ethical issues and criticism . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Future . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . See also . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 1 2 6 6 7 8 10 10 10 10 11 11 12 12 12 12 16 16 17 17 17 17 17 17 18 19 20 21 21 21 1.1.10 Notes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.1.11 References . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.1.12 Further reading . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.1.13 External links . . . . . . . . ....
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...Introduction to Supply Chain Management Technologies Second Edition Introduction to Supply Chain Management Technologies Second Edition David Frederick Ross CRC Press Taylor & Francis Group 6000 Broken Sound Parkway NW, Suite 300 Boca Raton, FL 33487-2742 © 2011 by Taylor and Francis Group, LLC CRC Press is an imprint of Taylor & Francis Group, an Informa business No claim to original U.S. Government works Printed in the United States of America on acid-free paper 10 9 8 7 6 5 4 3 2 1 International Standard Book Number-13: 978-1-4398-3753-5 (Ebook-PDF) This book contains information obtained from authentic and highly regarded sources. Reasonable efforts have been made to publish reliable data and information, but the author and publisher cannot assume responsibility for the validity of all materials or the consequences of their use. The authors and publishers have attempted to trace the copyright holders of all material reproduced in this publication and apologize to copyright holders if permission to publish in this form has not been obtained. If any copyright material has not been acknowledged please write and let us know so we may rectify in any future reprint. Except as permitted under U.S. Copyright Law, no part of this book may be reprinted, reproduced, transmitted, or utilized in any form by any electronic, mechanical, or other means, now known or hereafter invented, including photocopying, microfilming, and recording, or in any information storage or retrieval...
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...Begin Reading Table of Contents Photos Newsletters Copyright Page In accordance with the U.S. Copyright Act of 1976, the scanning, uploading, and electronic sharing of any part of this book without the permission of the publisher is unlawful piracy and theft of the author’s intellectual property. If you would like to use material from the book (other than for review purposes), prior written permission must be obtained by contacting the publisher at permissions@hbgusa.com. Thank you for your support of the author’s rights. For Isabella and Calista Stone When you are eighty years old, and in a quiet moment of reflection narrating for only yourself the most personal version of your life story, the telling that will be most compact and meaningful will be the series of choices you have made. In the end, we are our choices. —Jeff Bezos, commencement speech at Princeton University, May 30, 2010 Prologue In the early 1970s, an industrious advertising executive named Julie Ray became fascinated with an unconventional public-school program for gifted children in Houston, Texas. Her son was among the first students enrolled in what would later be called the Vanguard program, which stoked creativity and independence in its students and nurtured expansive, outside-the-box thinking. Ray grew so enamored with the curriculum and the community of enthusiastic teachers and parents that she set out to research similar schools around the state with an eye toward writing a book about...
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...The Growth of Independent Chinese Automotive Companies (Second Draft for Discussion) Jianxi Luo May 6, 2005 International Motor Vehicle Program, MIT Index 1 Overview of Current Chinese Automotive Industry……………1 2 The Burgeoning Independent Chinese Auto Companies………9 3 Case Study: Chery Automobile Company………………………14 3.1 Introduction………………………………………………………… 14 3.2 Characteristic Analysis…………………………………………….. 18 3.2.1 3.2.2 3.2.3 3.2.4 3.2.5 3.2.6 Technical Capabilities………………………………………………….18 Production Management……………………………………………….24 Product Characteristics……………………………………………….. 25 Intellectual Property…………………………………………………... 29 Exportation Strategies……………………………………………........33 Enterprise Culture…………………………………………………….. 36 3.3 Comparative Analysis ……………………………………………....36 4 Conclusions………………………………………………………. 42 References…………………………………………………………….47 1 Overview of Current Chinese Automotive Industry China’s first automobile manufacturing base, FAW (First Automobile Works), was built 50 years ago. From then on for over 30 years, there was no big progress in the Chinese automotive industry on both production and technology sides. Production capacity was low, and technology was outdated. From the middle 1980’s, with the establishments of joint ventures, the Chinese automobile industry began to develop faster than before. So far, all of the world's major automakers, such as General Motors, Toyota, Ford, Volkswagen, DaimlerChrysler, Nissan-Renault, PSA Peugeot Citroen,...
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