There is no universal recipe for building a successful business. The experience of outstanding corporations and their leaders can help novice entrepreneurs to determine the basic principles of enhancement. It is also useful to study the success stories of well-known brands for the creators of ambitious startups, and experienced market participants. The creators of companies with a worldwide name began small and reached unprecedented heights due to persistence, enthusiasm, long-term aging and a special look at their own production. Interesting stories of brands are a concentration of useful ideas that have not lost their relevance to date. It is worth to conduct Lincoln electric company case study in order to see what makes this company special.
Searching for a Trend
Lincoln Electric is the world’s largest international holding, its main area of activity is the manufacture of welding tackle, and it has held leadership positions for decades. It was founded in 1895 in the city of Cleveland, Ohio, by John and James Lincoln. At that time, no one could even imagine what a magnificent future is waiting for this enterprise. It began its activity with the production of electric motors and generators widely used by major automobile concerns of the USA. In 1911, Lincoln presented its first welding unit driven by an electric motor. US automotive concerns such as Buick, Chevrolet, Chrysler, and Dodge, used electric motors and generators everywhere in production, so the company began its activities with the manufacture of this tackle. The market needs become the main driving force in the enhancement of new welding tackle. Lincoln Electric company case study analysis allows making a conclusion that the initial and the decisive step of this organization were following the trend and the necessities of manufacturing. This solution was more than just correct, and it allows making a statement that the success of any business is determined by its ability to find the right tendency and satisfy demand.
Choosing the Right Destination
Sensitively catching the growing needs of the market, the company continues to produce welding tackle, because welding has been used in a wide variety of industries. The production of mobile welding generators with transformers begins. Thanks to them, the input power can now be adjusted.
Later, in 1927, Lincoln Electric presents a novelty with the impressive characteristics of Fleetwed 5 – a coated electrode that pushed into the background all existing analogs at the time. With such a rapid pace, by the beginning of World War II, the leadership positions in the welding tackle market were successfully won. Lincoln Electric case study analysis once again shows that business is promising if it demanded. It is not very ethical to talk about prosperity, success, and profit during the wartime, but the fact is not changing even in these conditions. LE succeeded since it produced the tackle that was really necessary, especially during the War.
In the future, the organization has continuously and successfully developed, strengthening and maintaining technological leadership. All the stages passed by it had a significant impact on the enhancement of the welding industry and industry in general.
Aspiring its history to the third century, Lincoln Electric remains committed to the ideas of its founders, John and James Lincoln. The organization continues to search for innovative solutions, strengthens its technological leadership, maintaining the commitment to its customers. The Lincoln Electric company case study solution allows talking about their heir indestructible principles, commitment to their business and clients, the maintenance of corporate culture and ethics, which was developed for years and at not the best of times, but the organization still managed to maintain its integrity.
To date, Lincoln Electric is the largest international corporation in its field with a turnover of about $ 1 billion a year. Lincoln Electric products are produced in 20 countries of Europe, Asia, Africa and Latin America. Its subsidiaries are located in more than 160 countries. The order of 60% of the needs of the American continent in welding tackle and materials is satisfied by the products of this organization. The Lincoln Electric company case study shows how the organization can grow from a small breeder to the global leader due to the reason that it was able to find a niche and develop a strong strategy for promotion.
40 plants around the world produce certified tackle that is of unsurpassed quality. It meets all necessary standards such as CE, RoHS, and En. The quality control system tests all products with the help of a large number of tests for compliance with welding and technological characteristics, environmental safety and outerwear resistance. LE can also be researched from the perspective of a quality control since there are not so many companies in our time that really take care of this matter.
Conducting a Case Study on Lincoln Electric
It is possible to say that this organization can be analyzed from several perspectives. This example can show how to search for an idea, how to find a demand and satisfy it, how to constantly improve quality without significant changes in price, develop business ethics in regard to customers and partners, develop corporate culture and increase a motivation of a staff, expand an assortment and constantly conquer the global market. It can serve as a great example for a breeder who produces goods independently and wants to fulfill all business stages: from the production to the realization to end consumer.