Reliance On Business Success
How To Achieve Success In Business? To achieve business success, it is important to have a competitive advantage by being the best among the available alternatives. It is not being ‘just as good’ as the competition but better. Successful competitive advantage is achieved by those who provide a product or service that is superior and more relevant to the target audience. This is because the best quality is determined by the consumer and includes various aspects of the marketing mix.
Competitiveness also heavily relies on effective management. As managers serve as the key tools for organizations to achieve their goals and objectives towards success. 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. Moreover, business value encompasses more than just the financial value of a business. On the other hand, business value also includes other intangible assets such as intellectual property and business strategies. Creating value also involves transforming managers into effective leaders and the impact this has on their followers has been studied in various contexts.
Many researchers have studied the impact of different leadership styles on employee performance, with varying opinions and conclusions. 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 completely contrasting points of view 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 with which a manager has to deal.
Companies also create value and a competitive edge with their employees. 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. Effective employee performance is crucial for meeting organizational expectations. Research has shown that the leadership style of a company’s leaders significantly influences the performance of their employees.