Lincoln Electric Company’s philosophy is for sure one of the best ways to managing a business. In my reading, specifically the chapter 8 assigned, I could compare some of the main qualities pertinent to business in general, applied at Lincoln Electric Company. In analyzing these points I will follow the order as shown in the text book starting with the Organizational Culture, which refers to a system of shared assumptions, values, and beliefs that show people what is appropriate and inappropriate behavior, and is more effective on employee performance than organizational rules and regulations. Organizational Culture Profile (OCP) represents culture in seven distinct values which are the follow: innovative, detail oriented, team oriented, people …show more content…
James F. Lincoln, the founder. I like his kind of mentality: old fashioned, balanced with a mix of authoritarian, generous, perspicacious, confidence traits. He was a foreseeing person who led his company to be more and more prosperous, even after his death. He was able to make this culture endurable; a business that protects its values from the various external threats through homogeneity regarding personalities and values of organizational members (relationship building or networking). Another characteristic that makes Lincoln Company unlike many others is the capital invested in research, development and advertising: extremely low. Also, according to the information gathered through my reading, their share of the market has been thirty and forty percent for many years and the welding products market has grown faster than the level of industry in general. In my opinion Lincoln Electric Company is successful because of many factors; there is a general, clear knowledge and understanding of mutual respect and cooperation among all the people working at Lincoln at all levels. There is knowledge of who has the authority and how to manage it. Duties are well defined. There is a functioning system of work and production based on self-discipline: negligence is not in the worker’s
3) There are many different reasons for the success of Berghaus, and these can be mainly divided into four parts, Production, Finance, Marketing and Management. Production is simply the fundamental part of the company, without it no product would exist to sell. Designing new products is what makes people want a certain product and Berghaus have strategically produced a wide range of products meaning that they will be able to successfully cover the different fields in the market. This means that they have more areas for money coming; by having more units and product innovation is an essential key t their success.
Until recently, the Ford Motor Company has been one of the most dynastic of American enterprises, a factor which has both benefited the company and has brought it to the brink of disaster. Today Ford is the second largest manufacturer of automobiles and trucks in the world, and it’s operations are well diversified, both operationally and geographically. The company operates the worlds second largest finance company in the world, and is a major producer of tractors, glass and steel. It is most prominent in the US, but also has plants in Canada, Britain and Germany, and facilities in over 100 countries.
I think that Berry Gordy was a great business person because he managed to break boundaries and has become to the largest and most successful black-owned business in America.
The Lincoln Electric Company is the largest manufacturer of welding machines and electrodes in the world. Since its inception in 1895 the company has been on a stable path of progress. First under the management of founder John C. Lincoln and since 1914 under James F. Lincoln, John's younger brother. One of James's early actions as the head of the company was to create a committee consisted of elected representatives by the employees of the company, that were to advise Mr James in the affairs of the firm. They were called the Advisory Board and this was one of the smartest decisions that James F. Lincoln made regarding personnel. This was one of their prerequisites to progress and success and this is what makes them unique to this day. James F. Lincoln died in 1965 and it is obvious some people thought that the famous Lincoln standards would no longer be upheld, that profits would decrease and their employee bonus-plan might cease to exist. Contrarily to what people thought, the company remained strong decades after its founding father died. Moreover, the firm has seen higher profits and bonuses every year after that. Lincoln market share which was 40 percent before, remained stable for years and years. The company's philosophy still continues to be
One major reason why his company got to where it is now is because of the assembly line. This all began when Henry was working as an engineer that gave him time after work to go home and work on his gasoline engines. Ford was so dedicated to creating a vehicle that was affordable and safe to drive for everyone to own. When Ford got his business running he was always thinking of better ways to improve his business. Finally he thought of one way to improve it and used the idea of the assembly line, and he was the first one to have the assembly line functioning in this type of work. Henry got the assembly line running as he thought it would. In return to having that running properly Ford was able to drop the prices of the Model T and also able to produce more at a time to maximize his profits. Henry’s company was also the greatest because of the way he treated his workers.
performance at Lincoln is a matter of record. The typical Lincoln employee earns about twice as
The Home Depot learned the hard way that you must hire a leader that will stay true to the core values. The leader’s ethics and values will play a huge role in determining if the company will succeed or fail. The founders of The Home Depot built a culture on the foundation of respect, integrity, and compassion. The culture and customer service under the influence of the admired founders prospered.
The Lincoln Electric Company (LEC) was incorporated in 1895 and since that time has been one of the most, if not the most successful and largest
1. How was Lincoln able to grow and prosper for so long in such a difficult commodity industry that forced out other giants such as General Electric, Westinghouse and BOC? What is the source of Lincoln’s outstanding and enduring success?
Strengths Since first reporting profits in 2003, Tesla Motors has been climbing it’s way to brand awareness ( Hirsch, 2015). While the ever-growing and changing company has many accolades, there are three core strengths Tesla Motors has to offer. These core strengths include, competitive advantage, pricing, and supply chain management.
As we learn from the case study, the Lincoln Electric Company is the largest global manufacturer of machines for welding, which are used in all kinds of construction projects. This means that the company has a large global presence and many employees, so its culture affects thousands of its workers. Even though it is now 2014, the company still has a large market share and very satisfied employees, so clearly the culture leaves employees satisfied and motivates them to work hard for the company.
General Electric Corporation is a multi-billion dollar conglomerate founded in 1892. The company was founded in Schenectady, New York to capitalize on the patents of Thomas Edison and the use of electric power through generation and distribution. Now a blue chip publicly traded company that has branched out beyond its core into arenas such as aircraft engineering, television, and home appliances to name a few. Over the years the corporation has been through different management models that have brought innovation in many forms that have allowed them to be envied by companies around the world. Despite great success since its conception, like many companies who can withstand the test of times, it’s natural for them to become self-absorbed, which can have a negative impact on the company structure as a whole. Coming across someone like Jack Welch who can think out of the box and in a manner that doesn’t strain the resources of the company but expands the thinking of the company as a collective unit is needed to continue the legacy of innovation in all aspects of business.
...the Second World War in an effort to maximize America’s mechanical output and help win the war, Lincoln gave away proprietary information to competing companies.. This cost the company competitive advantage, and in turn profits, for several years after the war, but based on their skills and adaptability, they were able to out stripe the competition soon after. We are also told that Lincoln Electric will not fire an employee, which allows the workers to embrace change and progress, even if it means they will incur a short-term downturn in productivity. Upon some further reading, we were able to see that Lincoln electric came upon hard times in the 1980s, and lost 40% of its sales. Even in this time of hardship, they stuck to their promise of not firing an employee, and today they have regained all of their lost ground and are extremely profitable and productive.
In his decades of business, one of the key characteristics that propelled Rockefeller to success was his strong leadership abilities. It wasn't his status, nor his age that made Rockefeller a great leader. Instead, it was his influence. People around him wanted to follow him; they were inspired by him to do more than they ever thought they were capable of. It was his ability to create a strong sense of teamwork and his own energy and passion that drove his workers and thus his company.
Organizational culture can be defined as the behaviour people in an organization portray. The actions they commit have certain meanings. Culture includes organizational values, morals, ethics, and visions, norms, working language, systems, symbols, beliefs and habits. The organization influences culture on the people, as a way of perceiving thinking and even feeling. Culture plays a major role, in the way that people and groups interact with other.