Case 1 talks about the success of the Trader Joe, the CEO of Seven Eleven convenience stores. I will exam how his charismatic management style influences has increased job satisfaction and positive performance from his employees and consumers through the use of the Emotional Intelligence. I will then determine how he uses planning; organizing, leading and controlling to promote positive performance of his employees. Creating job satisfaction begins first by providing a positive work environment. Trader Joe provides this to his employees.
* Mini Case (p. 45) a) Why is corporate finance important to all managers? All managers are mandated with a goal to improve the businesses bottom line. Successful corporations have two main goals they must meet to stay in business. The first goal is “identifying, creating, and delivering highly valued products and services to its customers.” (Brigham) The second goal is to generate “enough cash to compensate the investors who provided the necessary capital.” Behind every managerial action, the manager must ally every action they take with meeting the above two goals. In order to evaluate the success of those decisions, managers must be able to analyze their decisions and fully understand the impact past decisions will have on the past, present, and future health of the company.
The second base of power, reward power, is held by the marketing manager. Reward power is the ability to compensate another for compliance. The rating on the yearly performance evaluation conducted by the marketing manager determines if Employee 1 receives their large annual bonus. This is clearly a powerful reward, as employees accustomed to receiving an annual bonus are likely to have it spent before it arrives. This very important financial incentive is the base of the marketing manager’s strong reward power.
The Siemens case has the five theories of motivation: Maslow's needs hierarchy, job enrichment, expectancy, goal setting and equity goal. He was looking for recognition, was looking for actualization, security as well as a good pay; Maslow's needs hierarchy theory of motivation. He was gaining control and expanding his responsibilities; job enrichment theory of motivation. Since he was twelve years old he was working and expected to have a big reward for his hard work; expectancy theory of motivation. He set SMART (Specific, Measurable, Attainable, Realistic, and Timed) goals of selling around the globe, cut budgets and make the company more profitable; goal setting theory of motivation.
* Differentiation based advantage- With regards to the interview which took place on the 19th of April, Mr Michael clearly stated that although they offer the same products as their competitors, he said his effort are mostly centred on intensifying after sale-service and support of high quality. This creates a good personal relationship with his customers. He believes that after sale-service is the most important marketing strategy to sustain small business such as his, as this will lead to the creation of customer loyalty, trust in their products and services. Is Saben Optometrist being managed strategically? According to Arieu (2007), strategic management is an on-going process that evaluates and controls the business and 8industries in which the company is involved, assess its competitors and set goals and strategies to meet its all
In 1990, Enron’s CFO Jeff Skilling hired a well knowledgeable businessman by the name of Andrew Fastow who was well known for his works in the deregulation of the energy market. Enron’s company grew mainly due to the marketing and promoting its stock prices. Ex-employees stated the company posted current stock prices in elevators, bathrooms and other available areas of the building. From 1996 to 2001 they were named “America’s Most Innovative Company” by Fortune magazine and also made the “100 Best Companies to Work for in America in 2000. The case of Enron is said to be a “smoke and mirrors” act dictated by top executives presenting the positive financial wealth of the company.
He states, “Company president Lewis Brown and owner W.K. Kellogg noted that if the company ran “four six-hour shifts…instead of three eight-hour shifts, this will give work and paychecks to the heads of three hundred more families in Battle Creek”” (par. 10) This news made a lot of workers happy because it was during the time when the economy was falling into the Great Depression. Because of the shorter work week, the workers would face smaller paychecks. However, Kellogg raised the hourly salary and gave bonuses to make up for the time lost.
The success of a company can sometimes depend on the success of its sales team. Despite the best product or service in the world, if your sales representatives don't have effective sales techniques, your customers will not be properly provided for. Exploring different sales training methods will help you pick the best one for your company's needs. * Training Needs To make the right investment in sales training, you need to first identify training needs. If you are regularly recruiting sales representatives, you will need to develop an induction training program.
Team-based Compensation Systems Team-based compensation has been a common pay system in business for decades. Team-based compensation, according to Strategic Compensation: A Human Resource Management Approach by Joseph Martocchio, is defined as individual members of a group receiving a financial reward for the attainment of a group goal. This concept can be best shown through an example; a company needs a presentation on their current market share, and assigns a team to create it under a quick deadline. Different team members are assigned different tasks to complete the common goal of producing the presentation. Individual financial rewards are given if the entire team completes the presentation to the company’s satisfaction and before the due date.
When employees own their output, both the benefits and costs of exerting effort are internalized by employees and will result in better productive choices by the employees. For decades, American firms have employed a capitalistic organizational strategy—helping their employees to become partial owners in the company’s they work for with the intended outcome of increased productivity. Millions of employees participate in their employers Employee Stock Ownership Plans (ESOPs) (Francis, n.d). The growth of ESOPs in the past few decades is part of the general trend to in compensation agreements that link employee pay to company performance. Some research shows that firms with employee ownership on average match or exceed the performance of competitor firms.