Transactional Leadership Style - Assignment Example

Running Head: Journal B1 Journal B1 Name Institution Question 5.1.1 Planning a) Setting future goals for the school b) Defining methods to be used in achieving the goals. c) Defining the kind of tasks that every member of staff will be performing in achieving objectives and goals of the school. d) Outlining how activities of staff conform to the mission of the institution. e) Compares the planned and actual results to get a ground to initiate necessary strategy for winning. Organizing a) Designing an entity that would accomplish the mission and attain goals set. b) Developing the layout of the organization`s management as well as guiding documents for the institution. c) Acquiring and coming up with human resources. d) Establishing common formal and informal patterns and networks. e) Establishing procedures and policies for all administrative and governing activities. f) Coordinating individual efforts via preparation of a working schedule to avoid unnecessary delays and time wasting. g) Ensuring reliability of personnel presence and availability in order to minimize down times due to lack of personnel. Directing a) Accomplishing all the tasks within the learning environment. b) Influence the behavior of staff in a given direction. c) Ensuring a clear channel of communication between the low and high level of the working staff. d) Developing a sense of motivation to all the stakeholders within the working environment. Monitoring a) Taking a walk around the institution as a way of ensuring that everything is in order. b) Having a social chat with students as well as paying visits to their learning premises. c) Developing efficient and advanced systems that can keep record of the performance and quality of services. Question 5.2.1 Strengths a) Ability to relate well and create a good rapport with teachers and fellow students. b) Able to take initiative c) Research skills d) Attention to detail and meticulous handling of tasks. e) Analytical and problem-solving skills. f) Hardworking Weaknesses a) Poor time keeping and management. b) Low work experience in relations to academic studies. c) Shallow database and spreadsheet skills d) Low confidence when dealing with people especially professionals. Opportunities a) Studying in one of the best institutions. b) Availability of a wide range of academic resources. c) Working in a team as far as class group discussions are concerned. Threats a) Fitting completely into the culture and living to the expectations of the school b) Failure to achieve all personal goals. Question 5.2.2 a) To achieve the highest grade. b) To score highest points in all class assignments and CATs. c) To manage time properly. d) To improve my relationship with the tutors. e) To spend as much time on research and intensive studies as possible. Question 5.2.3 a) Preparing a working schedule. b) Doing all assignments in time and revising well before each paper. c) Engaging myself in serious consultation with teachers and fellow students. d) Doing the right thing at the right time. Question 5.3.1 Organizational structure is a section of management plan that describes the relationships among individuals within the company, listing the major responsibilities of each member of the management plan. Forms: a) Divisional organization: - a company is partitioned into smaller divisions which are accountable for their own performance. Example, Microsoft which has: Windows, Office, Xbox, SQL, Server, System Center, Unified Communications, SharePoint, Azure, Dynamics(ERP & CRM), Online display and search advertising. b) Product division: - a company layout is with accordance to its type of production... Example, Apple and LA Gear. c) Customer division: - there is a higher preference of such structure as a result of its diversity in service capabilities. d) Process division: - in this category, the commodities are subjected to various steps of production before it’s accomplished. e) Geographical division: - this division gives companies in diverse locations the capability to be responsive to customers at a local level. Example is Wal-Mart Retailers. Question 5.4.1 Democratic leadership allows followers some control over their activities and a great saying on the decision-making process. Autocratic leadership give subjects little or no control of their activities or environment at all. On the other hand Laissez-faire leaderships give their subjects nearly total control over their environments and operations. Despite being different they have similarities. A notable one is that they all entail the classical styles of leadership witnessed in traditional organizations and groups. (eNotes.com, 2015). I would prefer to use democratic myself as staff participation can help me formulate better management methods and ways of operations which will favor the employees to ensure that productivity is improved. On the side of my boss, I would prefer them to employ laissez-faire. Working under low supervision with freedom to make autonomous decisions will give me peace of mind and relieve me of any negative feeling of unjust supervision. I will work best in such a setting. Question 5.4.2 Transactional leadership style is one that emphasizes on transactions between leaders and their followers. Its main target is execution and planning. It works off of an already existing structure. On the other hand, transformational leadership style is one that causes change among individuals. Its main focus is innovation. It aims to set up new opportunities for personnel in an organization (Tahreem, 2011). Another apparent difference between the two is that while transformational aims at motivating employees or subjects, transactional stresses on the use of tyrannical methods of manipulation of power and authority. (Tucker,et al, 2004). As a manager I would adopt transformational style of leadership as tends to boost employee morale besides motivating team members to strive for excellence. Improved staff morale has always been known to boost productivity in any business or entrepreneurship. Question 5.5.1 The solution is comparing actual to planned results and performance before carrying out a corrective action. The solution will assume a five-step process: (1) working closely with my team I will establish the correct standards in terms of amount required for each ice cream cone, (2) then we will measure performance and amount of each cone tested, (3) then a comparison of the actual performance with standards and identification of any deviations, (4) determine the reason for deviations, and finally (5) take corrective action if needed which may include standardizing the cones, or employing more standard machines to do the work that usually relies on human judgment. Question 5.5.2 (1) Establish standards in terms of team formations, goals to be scored, training intensity and targets to be accomplished (2) measure performance of the team in different formations (3) compare actual performance with standards and while identifying deviations from the number of goals expected, player forms and injuries, consistency of results, (4) assess or investigate the reason for deviations if any, and (5) take corrective action which may encompass adjustment of training time, formations and signing of new players to fill positions and substitute injured players. Question 5.6.1 (1) Hold a meeting with players asking them to suggest goals and how they want them to be accomplished. Set as standard in the process. (2) Organize the players in different formations during training. Measure how they perform in each and the ease of adaptation. (3) Compare the results obtained in the different formations. (4) Establish the reasons for deviations noted in the performance, and (5) make the necessary adjustments to the team to ensure that their strengths are maximally utilized while weaknesses are addressed. Question 6.1.1 Challenges of virtual teams a) Building trust with virtual team members. b) Maximizing process gains while minimizing process losses. c) Overcoming feelings of isolation d) Balancing technical and interpersonal skills in the team. e) Assessment and recognition of virtual team performance. Question 6.1.2 Building trust by having an efficient feedback system that are preferably electronic based. Hold a training beginning operations aimed at ensuring solidarity amongst the team members. Select virtual team members by assessing both task and interpersonal skills. Develop and effective technique to deliver feedback Question 6.3.1 Task based responsibilities Relationship based responsibilities Direction giving Supporting Information seeking Harmonizing Information giving Tension relieving Elaborating Confronting Urging Energizing Monitoring Developing Process Consensus Analyzing Building Reality testing empathizing Enforcing Summarizing Question 6.4.1 Team membership. Starting by performing non-leadership roles will have a great bearing in shaping me for future leadership roles. Question 6.4.2 Team leadership. Question 6.5.1 Lateral (horizontal) communication. Question 6.5.2 Upward communication. Question 6.5.3 Upward communication. Question 7.1.1 a) Demographic: - social status, origin state, financial capabilities, workmanship, as well as level of educational background. b) Geographic: - weather, number of people, believe of the people. c) Behavioral: - frequency of use of the product, financial capabilities as well as their perception of the product. d) Psychographic: - the similarity in perception of people towards a particular product or commodity. e) Physical/personal segmentation: - attributed to the frequency of use of the commodity as well as their similarities. Question a) Demographic segmentation: - creates partiality in market based on such characteristics e.g. age, social status etc. b) Geographic segmentation: - creates inequality in markets based on climatic variations among other factors. c) Behavioral segmentation: - creates batching in markets based on behavior or perception of the people. d) Psychographic segmentation: - creates differing classification of clients based on factors such as client status. Question 7.2.1 a) Is the segment large enough with enough purchasing power that can justify the need to indulge in? b) IS the segment reachable by the signal passed? c) The size and capacity of segment for targeting is also questionable. d) Does the segment possess features that are worth attracting user’s attention? Question 7.2.2 a) Education and social class b) Language c) Culture d) Culture e) Offensiveness f) Levels of awareness g) Levels of affluence Question 7.2.3 a) Gender b) Age c) Marital status d) Family size e) Ethnic/racial background f) Income g) Education h) believe i) Ethnicity status j) Citizenship k) Existence of multilingualism. Question 7.2.4 a) Reviewing own sales. Means accessing all the available statistics on the use of the product. b) Taking an in-depth look at the information and sales statistics. c) Mining information from low cost or free reports produced by market research firms. Question 7.3.1 How to develop and segment a market is a very critical step for the success of a business. Development of the segment requires some steps. Step 1 Start by listing consumers and industries. Step 2 Identify the needs of the consumers effectively. Step 3 Determine the most viable segments. Step 4 Give a detailed documentation giving clear recommendations on how to deliver and market the product. Step 5 Give a detailed description of the commodity as well as all the other accompanying details. Question 7.4.1 Selling directly to customers: - there exists a limit on the level of control on consumers as there is no dependence on intermediaries. a) Selling through retailers: - relieves the burden of transport, storage, advertising, promotion, branding, sorting and grading. b) Selling through wholesalers: - wholesalers relieve them the burden of hotspots. Intermediaries can make a distribution channel more cost-effective. Question 7.4.2 Warehousing: - storing products during production before they can be sent to other businesses. a) Materials handling: - physical delivery of commodities during manufacture, storage and supplying. b) Automation: - have special assistors to aid in handling heavy parts. Some technical steps can be automated for standard and efficiency. c) Just-in-time production: - this is where suppliers facilitate the availability of raw materials only when needed for production or processing. d) Transportation: - use trucks, trains, planes, ships and even pipelines by considering cost, speed, dependability and accessibility. Question 7.5.1 Telling or persuading potential customers to buy a product or to continue using it. Question 7.5.2 The fraternity who portray great interest in the product under consideration. Identifying the market: - identify individuals or organizations that will need or buy the product. Segmenting the market: - segment the market into tiny partitions with common characteristics that influence buying decisions. Question 7.5.4 Quality a) Price b) Service c) Availability d) Innovativeness Question 7.5.5 a) Brand name b) Quality c) Promotional tools d) Quantity and packaging e) pricing Question 7.5.6 a) Advertising: - it will help create awareness about my product besides reminding current users of its existence. b) Personal selling: - large of large-ticket items and those that requires demonstration requires personal selling. c) Publicity and public relations: - engaging in public relations such as sponsoring to create goodwill of the business. 7.6.1 CRM is an organized application of information relating to customers with the aim of building and maintaining customer relationships. I will: a) Build a team by selecting representatives from all departments. b) Define business objectives in line with the objectives of the business and customers in mind. c) Identify customers to the airline company. d) Differentiate the customers. e) Identify what the customers are expecting. f) Identifying what customer data needs to be captured. g) Standardize the data for all departments. h) Holding a survey or dialogue with the customers to understand what they are really interested in and how they expect to be served. i) Getting personal while interviewing the customers. j) Develop a success checklist to be used in determining the progress made. k) Introduce customer engagement programs. l) Collect data from customers based on behavior, needs, attitudes and intentions. m) Monitor the progress and the sentiments relayed by the customers about the idea. n) Automate the process online to give the customers a feeling of privacy and to avoid human error associated with agents or salespersons. o) 7.6.2 Asking for the customers’ cooperation after they have shown interest. If they grant then they can be contacted for marketing. 7.6.3 Information to be collected may include contacts, personal address, age and gender, payment details and physical address. Importantly their interest in the company is important. 7.6.4 Customer self-service initiatives such as quick wins to reduce airline costs with a comparatively low implementation cost. Offer low-value customers a chance to use self-services such as purchasing of tickets online or a self-service check-in kiosk. Allow high-value customers incentives such as access to airport lounges, special VIP in-flight services and automatic upgrades. Efficient baggage handling and tracing. 7.6.5 Advantages of CRM to a business. a) Automation of activities while prompting users on the most apt step and action to follow ensures that staffs manage their time properly. b) Decision making becomes easier for management as the system provides real-time reporting across all departments in an organization. c) Contacts are segmented and target campaigns easily identified which ensures that marketing brings higher quality leads. d) The system generates trusted pipeline reports which are trusted and can be utilized as a foundation for reliable sales and an organization’s economic and production forecasting with an aim of improving efficiency and predictability in managing cash flows. e) Best performing and poorly performing departments are determined fast before the necessary actions can be taken. f) By ascertaining the value of each customer, CRM helps prioritization of services to protect the interest of the most profitable ones. g) By connecting to back-office applications and accounting, CRM helps evade the burden of double handling of tasks. h) Simplified sales and marketing i) Helps in keeping existing customers and identifying new ones. j) Enables easy cross selling of products k) Helps a company identify what services and products their customers exactly want. 7.7.1 a) Introduction b) Growth c) Maturity d) Decline PlayStation 3 has been on the decline but based on moves by Sony to improve it, it aims at reinventing itself to give a real challenge in the next 5 years. 7.8.1 a) Integrity and honesty: 7 b) Based on family – near 5 c) Appreciating diversity among individuals: 10 d) Positive about the future: 8 e) Education focused: 8 f) Independent: 7 g) Goal oriented: 6 h) Good at coping: 7 8.1.1 Accounting information is used by owners and managers, investors and creditors, government agencies and outsiders. 8.1.2 Owners and managers use it to establish whether they have succeeded in achieving their goals or not besides providing information that can be used to take corrective action. Investors and creditors carry out financial records as a decision making tool. Government agencies require financial statements before they can allow the company to sell its securities in the Securities and Exchange Commission. The statements are also important for taxation and licensing purposes. Other users with interest in the company such as suppliers will use the statements to determine the credit-worthiness of the company in paying bills. 8.1.3 Owners and managers will have a hard time determining if the company is making profits or losses. This may even lead to collapse of the company. Investors and creditors will shun investing in the company hampering growth. The business will be deemed illegal by once it fails to submit annual returns to the government agencies. The company will not be able to trade shares in the stock market. Employees will avoid tying themselves down to long term contacts for fear of failing to be paid. Suppliers will not have confidence in giving the company supplies and other amenities for fear of failure to be compensated on bills. 8.2.1 Income statement: - depicts the financial status of a particular company. It answers the following business questions: What were my sales this year? Balance sheet: - depicts the situation of business investment in terms of assets and liabilities. Answers the following questions: what are my assets at the end of the year? how much debt did I accumulate this year?, how much did I spend on supplies this year? Statement of owner’s equity: - It answers the following questions: how much money did I invest in the company this year? how much of my profits did I plough back into the company this year? Statement of cash flows: - depicts the situation of income and expenditure for a particular year in a particular company. 8.2.2.1 Let the number of pre-wrapped roses be X. 3X+100+60=5X 8X=160 X=20 roses. They must sell 20 roses to break even. 8.2.2.2 3X+100+60=500 3X=500-160 3X=340 X=114 roses. 8.2.2.3 The number of roses to be sold is too large which makes the goal seem unrealistic. 8.2.2.4 Check my marketing strategies before doing a product promotion. 8.3.1.1 Cash Basis: (5000-500) = $4500 Accrual: =5000 8.3.1.2 Accrual method reflects the income earned during the summer as it records a transaction immediately it takes place. Debts are short term liability. 8.3.1.3 Categories: a) Current assets: - assets that can be converted to money annually. b) Long-term assets: - assets that can be held for more than a year. c) Current liabilities: - liabilities paid off annually. d) Long-term liabilities: - liabilities undue annually. 8.3.1.4.1 150000+60000-80000= +130,000. Cash balance decreased from 150,000. 8.3.1.4.2 130,000-150,000= -20,000 8.3.1.4.3 Buying or selling of long-term assets 8.3.1.4.4 Servicing the grants or funds used as capital for the business. 8.3.1.4.5 In order to know where the cash came from and where it went to shed more light on what is captured in the income statement and balance sheet. Reviewing it will help get insight on operating, investing and financing activities. 8.3.1.4.6 Statement of cash flows besides investing and financing activities, captures operating activities to determine where the cash used in day-to-day operations comes from and where it goes. 8.4.1 This probably can be attributed to increased investments and capital towards the company. The performance of individual workers could attribute to this rise. 8.4.2 A grocery has higher ration and such is regarded to the nature of the product that is their high level of perishing. 9.1.1 People had exchangeable assets to use in trading. No other form of exchange was available then hence barter trade system was apt. Barter did not require the backing of money. 9.1.2 They both had an exchange value. Both are accepted media of exchange. Both are a store of value. 9.1.3 People or businesses may sometimes want to acquire some goods or services for which they do not have money as back-up, barter comes in handy and is very effective in such situations. There are some instances where money cannot apply, example, you may ask your friends to move to your home as you use their cottage for recreation. 9.2.1 No restrictions to its entry into industry provided that it meets the regulations by the central bank governing entry of a company into the industry. Its entry will give the existing firms stiff competition thus checking interest rates to the benefit of the population. 9.2.2 Benefit will be to the government and lenders. Taxes will increase government revenue while competition to other financial players will check on interest rates hence making lending more affordable. More employment opportunities to the population are another benefit. 9.2.3 Competing financial institutions will be harmed by the stiff competition that will be introduced. 9.3.1 Source Amount($) Maturity (Years) Annual interest rate (%) Security Total DT Dobie 50,000 2 4 Van Wal-Mart 80,000 1 3 Certificates Barclays 100,000 5 4 Title deeds Personal savings 270,000 0 0 None 500,000 9.3.2 A company can obtain a truck by such incentives as renting or higher purchase. DT Dobie as an automobile company forms a desirable source for obtaining a track. Wal-Mart as a large retailer shop can easily provide furniture by allowing credit purchase. Barclays bank can provide loans. Personal contribution which forms the owner’s equity is the most important source of capital for starting the company. 10.1.1 As an ERP is employed by organizations in order to manage and control basic commercial functions of a business entity, such as: planning, inventory management. 10.2.1 Ethical issues related with the process are use of personal data without the prior permission of the customers. Encouraging people to gamble is ethical provided that the gambling company is registered by the law. Gambling specifies terms and conditions before the gambler decides to put a wager. It is a win or lose issue. 10.3.1 Existence of scaly or scalped skin shows that there is a high possibility of rashes. A face-recognition technology can be used to identify the rashes which are usually an anomaly in an otherwise smooth even skin. 10.3.2 Adopting an executive information system or decision support system can help make a more rational investment decision. The systems will collect, display, and integrate data. 10.3.3 A management information system or a transactions processing system can help to accomplish the problem in question. 10.4.1 LAN is a small group of computers and related or associated devices interconnected by a common wireless link or communication line to some central server within a small geographic area such as a school. Mobile devices and PCs can share resources as a database and printers using LAN. They are desirable for faster connections. On the other hand, WANs are geographically widespread telecommunications network. They are used to connect computers over large areas, such as cities or even across different nations. 10.5.1 Is a larger interconnection of computer network globally to allow communication between them and sharing of resources following some protocols? Contrary, World Wide Web is a series of virtual pages interconnected by hyperlinks which use HTTP protocol to allow access of information over the internet. The pages are visible using browsers such as Firefox and Internet Explorer. 10.6.1 Yes am hesitant to buy things over the internet at times. Cyber security is a grievous concern not only to buyers and sellers but also to owners of marketing websites. Denial-of-service attack, malicious programs piracy and theft of digital products are a great concern to customers. The fear of losing personal data and even money to hackers, crackers and phishers. Companies are now training their customers on security issues while assuring them the cyber security steps they have taken to ensure secure transactions. Companies have adopted data encryption and giving users a digital certificate of authenticity. References Beal, V. (2010). The Difference between the Internet and the World Wide Web. Retrieved from http://www.webopedia.com/DidYouKnow/Internet/Web_vs_Internet.asp Diffen (n.d). LAN vs. WAN. Retrieved from http://www.diffen.com/difference/LAN_vs_WAN Tahreem, R.(2011). Exploring transformational and transactional leadership styles. Retrieved from http://irc.queensu.ca/articles/exploring-transformational-and-transactional-leadership-styles eNotes.com Inc. (2015). Authoritarian, democratic & laissez-faire leadership. Retrieved from http://www.enotes.com/research-starters/authoritarian-democratic-laissez-faire-leadership Read More