topic analyzing international markets expansion strategy of lincoln electric

HO CHI MINH CITY UNIVERSITY OF FOREIGN LANGUAGES INFORMATION TECHNOLOGY FACULTY OF BUSINESS ADMINISTRATION -*** SCIENTIFIC RESEARCH REPORT TOPIC: ANALYZING INTERNATIONAL MARKETS EXPANSION STRATEGY OF LINCOLN ELECTRIC Student’s name: Tiêu Vịnh Nghi ID number: 19DH120135 Class: KQ1902 Instructor: Tiến Thông Dr Nguyễn HCM, December/ 2021 topic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electric topic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electric TABLE OF CONTENTS Introduction 1.1 Object 1.2 Aim 1.3 Scope 1.4 Stucture Literature review 2.1 Definition of Market Entry 2.2 Entry Modes 2.3 Business overview Methodology Discussion Conclusion and Recommendation References List of abbreviations: LECO : Lincoln Electric company topic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electric topic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electric Abstract: The fact that firms nowadays desire to expand into international markets is really not surprising; it is a vital step in raising brand recognition and reaping several benefits (both in terms of profits, contracts, etc.) as well as macroeconomic issues like foreign exchange profits, diplomacy, and employment Although the issue is not new, it is never out of date and it is never too late to it However, if the firm does not comprehend the market and give a suitable way to access it, it will be exposed to several threats, maybe leading to bankruptcy Enterprises must have specific information of their target market, including whether the legal corridor is wide or narrow, the time to determine whether or not to join that market, and the country's size of expansion Is the new market truly assisting firms in maximizing their efficiency? What should the firm if there is a failure/loss in the foreign market? Lincoln Electric is the greatest piece of worldwide growth that we can think of From failing as a result of taking the incorrect path to market penetration and losing money to becoming a worldwide firm that leads the globe in welding equipment, with representative offices in over 160 countries (including purchasing form) Keywords: Lincoln Electric, international market, expansion, entry modes, FDI Introduction 1.1 Object of the research The Lincoln Electric Company and its case study on its international expansion strategy was the focus of my research LECO is also a common topic in student research papers or issues on market penetration The income numbers and the number of workers are also officially declared on a regular basis, and the information and history of the object can be easily searched publicly with great precision The investigation of Lincoln Electric will provide many new insights on how to broaden the market and, more particularly, how to solve it, making it simpler for readers to picture the current situation LECO is a significant international organization in the globe, and the knowledge gathered while investigating and topic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electric topic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electric researching about it will assist this research paper gain credibility 1.2 Reasons for selecting the topic With a major in International Business, I believe that the topic of international market expansion is an amazing subject to discuss and investigate It is also the current trend for both domestic and international businesses to aim for a larger number of customers and higher profits As a result, the lessons gained from a giant multinational corporation's collapse and recovery, such as Lincoln Electric, will provide a wealth of information on which markets to explore Learn from your mistakes and know how to approach a potential market in the most efficient and risk-free way possible The issues highlighted and answers proposed in this study article will define new perspectives, new thinking, and experiences in business and international affairs, in addition to being useful for research 1.3 Scope of the reseach For data tables on FDI, GDP in potential markets such as India, China, or LECO profit throughout each year, the research will utilize data from 2005 to 2020 And how LECO went about entering into these markets The research will also focus the firm's SWOT analysis on when the company enters the market, what strengths and limitations it will have when picking that market, and how that will affect the company to determine the best strategy for entering the industry 1.4 Structure This research has main sections: + Introduction + Literature review + Methodology + Discussion + Conclusion and Recommendation Finally, at the conclusion of the article, there is a reference section where the information was obtained The major material focuses on providing an overview of basic information about Lincoln Electric Company through topic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electric topic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electric PESTLE analysis, and strategies to join the market, as well as resolving the risk of loss associated with picking the wrong approach to enter the market In addition, this study offers a number of data collecting and analysis methodologies Large sections 1,2,3,4,5 will offer the main topics Literature review 2.1 Definition of Market entry Market entry is the process of entering a new market to create or distribute items in order to grow business scale, client base, and profitability [ CITATION Tha21 \l 1066 ] Enterprises entering a new market help to boost supply capacity and stimulate competition, resulting in additional job opportunities for that market [ CITATION Tha18 \l 1066 ] Foreign Direct Investment (FDI) is a term that has gained a lot of popularity recently, although it has a lot of distinct meanings The International Monetary Fund claims that [ CITATION IMF93 \l 1066 ], “Direct investment is the category of international investment that reflects the objective of a resident entity in one economy obtaining a lasting interest in an enterprise resident in another economy The lasting interest implies the existence of a long-term relationship between the direct investor and the enterprise and a significant degree of influence by the investor on the management of the enterprise” FDI is frequently accompanied by technology transfer to host nations, which includes the transfer of machinery, equipment, topic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electric Discussion 4.1 SWOT analysis of LECO According to [ CITATION Jor18 \l 1066 ], Lincoln Electric can use strengths to create niche positioning in the market, to consolidate and expand the market position, can strive to reduce & remove weaknesses so that it can better compete with competitors, look out to leverage opportunities provided by industry structure, regulations and other development in external environment, and finally make provisions and develop strategies to mitigate threats that can undermine the business model of Lincoln Electric 4.1.1 Strenghts - Diverse Product Portfolio of Lincoln Electric topic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electric topic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electric Successful Go To Market Track Record Intellectual Property Rights Managing Regulations and Business Environment Lincoln Electric has some of the most recognized brands in the domestic market it operates in 4.1.2 Weakness - Implementation of Technology in Processes - Lincoln Electric track record on environmental issues is not very encouraging - Lincoln Electric is suffering from lack of critical talent especially in the field of technology & digital transformation Lincoln Electric is struggling to restructure processes in light of developments in the field of Artificial Intelligence (AI) and machine learning - Lincoln Electric is not efficiently managing the inventory and cash cycle 4.1.3 Opportunities - One of the challenges Lincoln Electric facing right now is limited access to high level talent market because of limited budget Expansion into international market can help Lincoln Electric to tap into international talent market - Growing Market Size and Evolving Preferences of Consumers - E-commerce business model can help Lincoln Electric to tie up with local suppliers and logistics provider in international market Social media growth can help Lincoln Electric to reduce the cost of entering new market and reaching to customers at a significantly lower marketing budget It can also lead to crowd sourcing various services and consumer oriented marketing based on the data and purchase behavior - According to [ CITATION Jor18 \l 1066 ], globalization along with boom in digital marketing and social media has considerably reduced the risks of market entry and marketing in international market - Lincoln will take advantage of its many opportunities to grow by focusing on increasing market share, leveraging its prior investments, and expanding geographically Expansion initiatives include growing the aluminum consumables, flux cored wire, specialty consumables, automation, retail and rental businesses; - topic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electric topic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electric geographic growth in Europe, Asia and Latin America; expansion into complementary businesses; and growth in high-potential product lines.[ CITATION 200 \l 1066 ] 4.1.4 Threats - Government Regulations and Bureaucracy - As Lincoln Electric can leverage low cost of reaching customers using social media and e-commerce, so can the competitors – both local and international competitors - Instead of using Joint Ventures, it is feasible to use Acquisition as a technique of entering the market - The threats of substitutes often arise either from economic cycle or technological innovation It may require repositioning of certain brands on part of Lincoln Electric in certain markets 4.2 Core competencies Competence can be demonstrated by a company's core competencies, which include expertise, good skills, and value creation LECO must re-price some values for consumers with excellent quality items at low rates if it wants to gain a competitive edge The result is superior quality, functionality and efficiency in every product [ CITATION 20001 \l 1066 ] It's a unique skill that only a few competitors possess With it comes the difficulty of copying (in terms of products, formulas, marketing, and so on), which creates the ideal core value for business competition, particularly in the international market.[ CITATION Min19 \l 1066 ] For example, Lincoln Electric has become known as “The Welding Experts.” It is the only public company in the world 100 percent focused on welding Our global manufacturing platform allows us to serve customers anywhere in the world, with the leading lineup of valueadded welding equipment and supplies And around the world, our products are backed by Lincoln's unmatched technical expertise and customer support.[ CITATION 20001 \l 1066 ] Eg: LECO’s Marlet Share topic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electric topic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electric [CITATION Chi19 \t \l 1066 ] As a company develops its business model and incorporates its intellectual assets, core competencies change Core competencies are not just things that a company does exceptionally well; they are also sets of skills or systems that provide customers with exceptional value at best-in-class levels To be considered, such skills or systems must contribute to perceived customer benefits, be difficult to imitate, and allow for market leverage.[ CITATION Fun \l 1066 ] Core competencies should be hard to imitate because they represent multiple skills, technologies, and organizational elements.Prahalad and Hamel (1990, May/June) 4.3 Analyze and select target market Should LECO expand into India market? [ CITATION Sie08 \l 1066 ] Claimed that: “The fact India accounts for 3% of the Global Welding Industry Sales and 17% of the world population makes this market naturally attractive, in addition India’s GDP has been growing at an average of 6% year after year for about 20 years, and Goldman Sachs projects that India will become the world fastest growing economy over the next 50 years, which means that the country will be investing heavily in infrastructure that will boost the welding market including, but not limited to, highways, railroad, oil and gas pipes and airports In addition, India is located in a geo-economical region that represents 45% of the global welding sales – more that North America and Europe combined that account for 23% and 21% respectively.” topic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electric topic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electric According to [ CITATION 20001 \l 1066 ], Lincoln Electric has a leading market position in Latin America and continues to grow market share Mexico and Central America continue to be a fast-growing market for Lincoln Lincoln’s acquisition of a consumables business in oilproducing Venezuela provides the Company with the leading market position in one of the major markets in South America With operations in Mexico, Venezuela and Brazil, Lincoln is well-positioned to serve all regions of the Latin American market Lincoln Electric continues to increase market share in the Asian marketplace Over the past several years, Lincoln has established a regional platform in Greater China and Southeast Asia With our Australian operation, along with our Kuang Tai joint venture, Lincoln occupies a geographic platform that will enable us to expand market share and build businesses in the region Lincoln continues to maintain a leading market position in the highly diverse region covering Russia, Africa and the Middle East Lincoln’s leading position in this geographically diverse market is due, in part, to the Company’s strength in the oil and gas segment of the welding industry, a segment that presents opportunity to grow market share for products and services as well as expanding its distribution network and continuing to promote leadership in technology Upon acquisition of a business, the Company uses the income, market or cost approach (or a combination thereof) for the valuation as appropriate The valuation inputs in these models and analyses are based on market participant assumptions Market participants are considered to be buyers and sellers unrelated to the Company in the principal or most advantageous market for the asset or liability.[ CITATION Chris \l 1066 ] The Company’s products are sold in both domestic and international markets In the Americas, products are sold principally through industrial distributors, retailers and also directly to users of welding products Outside of the Americas, the Company has an international sales organization comprised of Company employees and agents who sell products from the Company’s various manufacturing sites to distributors and product users [ CITATION Chris \l 1066 ] topic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electric topic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electric 4.4 Failure Lincoln next big move was to buy Maser Griescheim of Germany, the most expensive company, and named it Maser Lincoln GmbH During George expansion plan Lincoln invested close to $325 millions These acquisitions were done on the basis of poor knowledge and judgment of George Willis which resulted big losses overseas and brought the company to its knees Company solvency was in question and despite strong sales in USA, company could not offset the overseas losses Lincoln Electric had to borrow money to pay annual bonuses to 3000 US workers It took another years of hard work and constant research and adjustments to bring the Lincoln electric back to profitability During 80s and early 92 experiences made Lincoln Electric to realize that one size fits all does not work in International markets.[ CITATION Lin10 \l 1066 ] 4.5 Marketing for international markets Upon acquisition of a business, the Company uses the income, market or cost approach (or a combination thereof) for the valuation as appropriate The valuation inputs in these models and analyses are based on market participant assumptions Market participants are considered to be buyers and sellers unrelated to the Company in the principal or most advantageous market for the asset or liability.(2021) One of the biggest marketing and sales successes in 2005 was the exhibit at the global welding trade show in Essen, Germany, which is held once every four years [ CITATION 200 \l 1066 ] If the customer willingness is high then company has a strong brand awareness and brand loyalty Lincoln Electric can design favorable channel policies vis a vis channel partners Email Marketing is form a direct marketing approach that Lincoln Electric can take to directly reach out to its potential customers Email Marketing can help the Lincoln Electric to reach out high topic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electric topic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electric probability prospects based on the data collected by the company using its kiosks, trade marketing, and customer survey.[ CITATION Jor18 \l 1066 ] Managing delivery and services uncertainty[ CITATION Jor181 \l 1066 ] in times of Conlusion and Recommendation 5.1 Conlusion 5.2 Recommendation Every market need a unique strategy Every global acquisition should be well researched and carefully prepared Local norms, game rules, and labor regulations should all be well researched References https://wiki.tino.org/market-entry-la-gi/ https://luatminhkhue.vn/dau-tu-truc-tiep-nuoc-ngoai-la-gi-dacdiem-cach-phan-loai-fdi.aspx https://vietnamfinance.vn/gia-nhap-thi-truong-la-gi-rao-can-gianhap-thi-truong-la-gi-20180504224208502.htm topic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electric topic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electrictopic.analyzing.international.markets.expansion.strategy.of.lincoln.electric