1.0 Introduction
People in the industry world will defiantly hear the word strategy, but the question is how many of them even know the meaning of strategy! Strategy is an integrated and coordinated set of commitments & actions designed to exploit core competencies and gains and gain a competitive advantage. There are some different definitions for strategy that belongs to different authors such as strategy is a unified, comprehensive, and integrated plan designed to ensure that the basic objectives of the enterprise are achieved. In addition some authors said that strategy is the pattern or plan that integrates an organization’s major goals, policies, and action sequences into a cohesive whole. A good strategy neutralizes threats and exploits opportunities while capitalizing on strengths and avoiding or fixing weaknesses. Strategies always involve in managing any business and in this case it’s called strategic management. Strategic management process can be as the full set of commitments, decisions, and actions required for a firm to achieve strategic competitiveness and earn above-average returns.
This report aims to study and analysis the case study of (Lincoln Electric) in terms of the overall strategy, Philosophy, …show more content…
Lincoln Electric has become the world largest manufacturer and leading company in the industry of welding equipments. The company was able to maintain a reduced cost and reduced price strategy because of the company’s technological innovation and product and application support, the company was able to earn a price premium for many of its products. In addition, the company’s human resource and incentive system had led to a history of industry leading productivity
People in the industry world will defiantly hear the word strategy, but the question is how many of them even know the meaning of strategy! Strategy is an integrated and coordinated set of commitments & actions designed to exploit core competencies and gains and gain a competitive advantage. There are some different definitions for strategy that belongs to different authors such as strategy is a unified, comprehensive, and integrated plan designed to ensure that the basic objectives of the enterprise are achieved. In addition some authors said that strategy is the pattern or plan that integrates an organization’s major goals, policies, and action sequences into a cohesive whole. A good strategy neutralizes threats and exploits opportunities while capitalizing on strengths and avoiding or fixing weaknesses. Strategies always involve in managing any business and in this case it’s called strategic management. Strategic management process can be as the full set of commitments, decisions, and actions required for a firm to achieve strategic competitiveness and earn above-average returns.
This report aims to study and analysis the case study of (Lincoln Electric) in terms of the overall strategy, Philosophy, …show more content…
Lincoln Electric has become the world largest manufacturer and leading company in the industry of welding equipments. The company was able to maintain a reduced cost and reduced price strategy because of the company’s technological innovation and product and application support, the company was able to earn a price premium for many of its products. In addition, the company’s human resource and incentive system had led to a history of industry leading productivity