Reliance On Business Success
The reliance on ‘business’ success means having a “competitive advantage” which means being the best among the available alternatives and in the process achieving an advantage. It is not being ‘just as good’ as the competition but better. Successful competitive advantage falls to those who deliver a product or service that is better in some way and more meaningful to the target audience because the best quality is defined by the consumer and encompasses different elements of the marketing mix – product, price, place, and promotion. Another major effect of competitiveness is its management as managers are the tools with which organizations pave their way towards success and attain the goals and objectives and objectives of the organization. This creates “business value” for the organization.
Business value means any form of value that increases the long-term value and chances of success of the business. Business value envisages more than the financial worth of the business but refers to other equal aspects of the business such as customer loyalty and goodwill, satisfied employees, credibility with suppliers, management expertise, and skills. Business value also includes other intangible assets such as intellectual property and business strategies. The creation of value also encompasses the transformation of managers into effective leaders and how this transformation influences their followers has been studied in different contexts in the past.
In this context, many researchers have put forward their studies with differing opinions and conclusions with respect to different styles of leadership and their impact on employee performance. Some argue that certain leadership styles have a positive impact on the performance levels of employees and others have a negative impact, whereas some researchers have a completely contrasting point of views in this regard. In organizations, there are various tiers of managers, which broadly include low level, middle level, and upper-level management. The leadership styles may vary from one managerial level to the next depending upon the need and context for which a manager has to deal with.
Companies also create value and competitive edge with its employees, and a case example demonstrates the many ways that companies can meet their objectives with their employees. Having a wide customer base and a large number of employees, the companies need to be proactive in the market. These expectations can be fulfilled with the effective performance of the company’s employees. Researchers have noted that the performance of employees is largely influenced by the style with which their leaders lead them.