The crux of this assignment will deal with the importance of strategic management. The company that will be analyzed in this framework is Lincoln electric. The analysis in this framework will involve the explaining of various strategies that has been analyzed in order to understand Lincoln electrics market expansion strategy and its justification of expansion within the Indian market. The strategic analysis will provide an overall understanding of various strategies used for gaining maximum efficiency and effectiveness. 1.1 Overview of Lincoln Electric Lincoln Electric Holdings Inc. was first established in the year 1895 with its founder named John C Lincoln. Lincoln electric is an American multimillion dollar company that trades on the NASDAQ as (LECO) in the stock market. (Alpha , 2015) 1.2 Products and Services Involved in Lincoln Electric Lincoln electric have been dealing in certain equipment’s like Wielding, Consumable’s , Plasma and other Oxyfuel cutting equipment’s where it has been dominating over a long period of time. Lincoln Electric is the world’s pioneer in certain products like the welding and cutting equipment’s. Lincoln Electric over a long period of time have excelled in particularly the MIG, TIG, Stick and Flux Core welding through profoundly prepared specialized representatives and merchant associations on a worldwide premise. (Bloomberg , 2018)The other product that have been involved in the organization are welders, wires , feeders, extractors wind up the one provider that can convey condition of the workmanship welding hardware, consumables, gas gear and client bolster. The Educational Resources Division and The James F. Lincoln Arc Welding Foundation distribute designing books and diaries and additionally facilitating various welding workshops identifying with the use of curve welding.. (Rigzone , 2018) 1.3 Facts and Figures of Lincoln Electric Number of Employees 10,ooo + Revenue in the Year 2017 $2.69 Billion Headquarters Euclid , Ohio , USA Global Operations ; Joint Ventures Across 19 Countries1.4 The Lincoln Electric Mission Lincoln has been priding itself as it is the successful global manufacturer and also the market leader when it comes to the provision of the highest quality of wielding, cutting and also the joining of the products. The solution that Lincoln electric provides endures the passion of the development and also the application of the technologies which will provide effective service to the clients in order to make it successful. This is how Lincoln electric has distinguished itself from others through unwavering commitment in terms of pleasing the employees and also maximizing shareholder value and growth. (Lincoln Electric , 2018)1.5 Expansion in Various Countries Lincoln electric has seen expansion in to various countries that has given successful dividends and have also given challenges which will have a centered headquartered in Ohio, USA and has its offices and branches around 63 manufacturing locations. Lincoln Electric has been well known to cover a wide range of operations and joint ventures within 23 countries and also expanding their worldwide network of distributors and various sales offices that has been reached over a total of 160 countries. (John, 2012) The whole international component and business operations have been grown over a long period of time. The direct beneficiary of this structure is the US operations which has witnessed nearly $70 million worth of products with the US organization into the BRICS countries. So the expansion has been to the benefit of the parent US organization. (John, 2012) 1.6 Strategic Position of Lincoln Electric 1.6.1 Lincolns Cost Leadership Strategy Lincoln Electric has been well known towards its strategic positioning in the market in terms of the cost leadership strategy with its quality of product in terms of toll administration and nature of item by enhancing their creation procedure and sharing cost reserve funds with clients while keeping up a steady workforce with collected experience that comprehend the business, items and clients. The Lincoln Electric was the upper hand in terms of supportable given the organization does not make a money related effect because of sharing cost diminishments with their clients. Lincoln electric has been performing focused financial leadership in terms of its overall role to develop and implement Lincoln Electric’s Welding Growth strategy, which will be involving the growth of sales as it will be wielding towards the alloy based consumables and its portfolio. Their top notch item at a low cost has expanded request. In view of the size and area of the assembling plant, Lincoln Electric can’t address the issues of its clients with its present levels of yield. Worldwide development would moderate this risk by expanding supply and providing the global consumers of Lincoln electric with the high quality product at a very reasonable price. (Zacks Equity , 2018)1.7 Strategic Business Units of Lincoln Industry In terms of the strategic business unit (SBU’s) it is an area or branch of a business that keeps running as a self-governing substance. Their benefits are typically treated independently than those of the business all in all. In terms of the SBU’s there is a solitary business have their own particular rivals and an administrator responsible for activities, and can be autonomously made arrangements for,” reports Reference for Business. This form of understanding has been enabling to the involvement of the long term SBU of Lincoln electric where the targets are set, in terms of deciding the technique which will make the competitive advantage of the strategic business unit. SBU’s require steady examination through reports and monetary projections to decide whether they stay gainful or if their system requires change to all the more likely enhance execution. The various Strategic Business Units which have been incorporating in terms of the Lincoln electric which will involve the machine welding as the following business units:- (Griffin , 2018)Strategic Business Units of Lincoln Electrics are :- 1. Arc Welding Machinery2. Gas Welding & Cutting Machinery3. Resistance Welding Machinery4. Laser Welding Machinery5. Ultrasonic Welding Machinery6. Other Welding Machinery7. Electrodes & Other Consumables2.0 Analysis of Business Expansion2.1 Expansion of Indian Market 2.1.1 Country Profile –IndiaPopulation 1.3 Billion Currency INR (Indian Rupee) GDP $ 2.26 Trillion F.D.I $ 61.69 Billion 2.2 Analyzing the expansion into the Indian Market 2.3 Evaluating the External Factors – PEST Analysis 2.3.1 Political Factors India generally is considered to be the largest democracy in the world as India keeps running on an elected type of government. The political condition is significantly affected by certain factors which involves government’s arrangements, lawmaker’s interests, and the philosophies of a few political gatherings. Therefore, the business condition in India is influenced by multivariate political variables. The tax assessment framework is well structured and a few duties, for example, salary charge, administrations expense and other form of taxes that are assessed and then implemented by the Union Government. (IBEF , 2018) 2.3.2 Economical Factors AS per the rating of IMF in the year 2017 India has a successful GDP of which had a worth of $2.4 Trillion that has made it the 7th largest economy in terms of the nominal GDP. The projected growth rate is 7.0% in the current year that is certainly expected to increase by 7.4% in the year end 2020. India is a top agricultural and coffee producing economies in the world with also a growing base in manufacturing and production. India exports petroleum products, machinery and other crude products from the Middle East. (The World Bank, 2018) 2.3.3 Social Factors India has a colossal consumer market with an aggregate populace of roughly 1.3 billion. With this massive market is an incredible open door for multinational organizations. It should not be an issue as to why such a large number of multinationals are working in India as the market opportunities are huge and the it is supported by a large labor force of about 160-170 million people by 2020. Available and reasonable work constrain has urged numerous multinational organizations to outsource a portion of their business activities to India. The society in India promotes itself as multi-cultural and multi religious society. The collective communal harmony that is thriving to become the second largest economy in the world. (Caplinger , 2015) 2.3.4 Technological Factors India is currently seeking a lot of technological advancements mostly in the IT sectors. No big surprise why more tech startups and big global tech brands including Facebook, Microsoft, and Apple are putting resources into the nation! India is a key goal for outsourcing work in IT. With a well-planned IT foundation and exceedingly talented IT work drive, India offers huge opportunities for business people to set out upon various projects, for example, programming advancement and overhauls, internet business, portable applications, business arrangements, and some more.