(Tiểu luận) analyze the leadership style of mrs trinh lan phuong ceo bibo mart

Most effective theories were found at The University of Iowa which explored three leadership styles:Autocratic leadership style characterizes a leader who dictates work methods, makes un

FOREIGN TRADE UNIVERSITY

FACULTY OF BUSINESS ADMINISTRATION

…… o0o……

REPORT Principle of ManagementTopic 12: Analyze the leadership style of Mrs Trinh Lan Phuong – CEO Bibo

Mart Group members: Hoàng Ngân Hà 2212340028

Trần Phương Anh 2212340011Phạm Thị Việt Hà 2212340031Nguyễn Quang Duyệt 2213250028

Đỗ Minh Hiển 2212340034Nguyễn Trọng Hữu 2212250043Ngô Ngọc Minh 2112340606

Class: QTRE303(HK1-2324)1.4

Lecturer: PhD Do Huong Giang

Hanoi, September 2023

Introduction

In a world characterized by ceaseless change and increasing complexity, the role of leadership has assumed unprecedented importance Leadership styles, the distinctive approaches and philosophies that leaders employ to guide their teams and organizations, represent the very essence of effective leadership Whether we consider the realms of business, politics, education, or any other domain, it becomes abundantly clear that comprehending and adapting to various leadership styles is nothing short of essential for attaining success

The scope of this essay extends beyond the mere exploration of leadership styles in theory; instead, it immerses us in the practical and captivating world of leadership, using the exemplary case of Mrs Trinh Lan Phuong, the CEO of Bibomart, as a guiding light

By examining her leadership approach, we can illuminate the intricate web of leadership styles and appreciate the profound impact she has on organizations, teams, and individuals

This research is structured into three core sections, each designed to provide a comprehensive understanding of leadership and Mrs Trinh Lan Phuong's role within it First, we will offer an overview of leadership concepts and introduce the remarkable Mrs Trinh Lan Phuong Subsequently, we will delve into the specific characteristics that define her unique leadership style Finally, we will synthesize our findings into a compelling conclusion, derived from rigorous research and analysis

Due to time and knowledge limitations, we acknowledge that our essay may contain imperfections and incomplete aspects It is our earnest hope that we can benefit from

Dr Do Huong Giang's invaluable feedback, allowing us to refine our research and present a more comprehensive and insightful exploration of leadership styles through the prism of Mrs Trinh Lan Phuong's leadership journey

A leader is someone who has managerial authority and who can influence other people An effective leader has the ability to set effective vision and goals, build teams and motivate people to achieve desired outcomes In every field or organization, leaders form the core of the system and play pivotal roles in achieving success.

2 Types of Leadership

2.1.1 Leadership Trait Theories

Leadership trait theories attempt to identify certain traits that all leaders possess Researchers find seven traits associated with leadership: drive, intelligence, self-confidence, business knowledge, honesty & integrity, desire to lead and extraversion However, these features alone were not enough to identify effective leadership Effective leaders' distinctiveness lies in their actions, in other words, their behavior.2.1.2 Leadership Behavioral Theories

Leadership Behavioral Theories are theories that identify behaviors that differentiate effective leaders from ineffective leaders Most effective theories were found at The University of Iowa which explored three leadership styles:

Autocratic leadership style characterizes a leader who dictates work methods,

makes unilateral decisions, and limits employee participation

Democratic leadership style characterizes a leader who encourages employee

involvement in decision making, delegates authority, and uses feedback as an opportunity to mentor employees

-Laissez-faire leadership style portrays a leader who permits the group to make

decisions and complete tasks in their own chosen manner

Studies have shown mixed results on effectiveness of these leadership styles The achievement of leadership success encompasses more significant matters beyond just traits or behaviors

2.2.1 The Fiedler Model

2.2.2 Hersey and Blanchard’s Situational Leadership Theory

aligning with followers' skills, expanding on Fiedler’s dimensions of task and

compensate for followers’ shortcomings However, despite its allure, cautious

This theory asserts that a leader’s role is to help followers attain their goals and align them with the organization's objectives, identifying four leadership behaviors: Directive: Provides clear instructions and plans; Supportive: Cares for followers' needs with a friendly approach Participative: Values and incorporates group members’ input ;

in decisions Achievement-oriented: Sets high goals, expecting peak performance from ; followers

3 Sources of Power

There are two types of power sources: formal power and personal power.Formal (or positional) power refers to the power established by an individual's position in an organization From this source, we have legitimate, coercive, and reward power Legitimate power is used when a person in a formal authority position utilizes resources and control based on their position in the formal hierarchy The target person complies because they believe that the requester has the right, and the target person is

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obliged to comply Coercive power is based on the fear of punishment or negative outcomes Reward power is derived from the ability to allocate valuable rewards from the receiver's perspective

Personal power is the most effective and comes from individual characteristics From this source, we have expert and referent power Expert power is based on the perception that the power holder possesses unique skills or knowledge to excel at something Referent power occurs when the target person complies due to admiration

or identification with the power holder and seeks the power holder’s approval

4 Position

Our study will analyze the success of Mrs Trinh Lan Phuong, the CEO of Bibo Mart Mrs Trinh Lan Phuong is also known for her innovative management strategies, including the digital transformation of the store chain and the recruitment of former CEOs from popular retail stores

CEO Trinh Lan Phuong - General Director of Bibo Mart, before starting her journey with Bibo Mart, had worked in the field of human resource management for many significant organizations such as FPT Corporation, the World Bank, Vietnam mobile

Bibo Mart was founded in 2006 with a capital of only 130 million VND and a few employees By the end of 2016, the business was valued at 42 million USD and expanded to over 150 stores across Vietnam along with a revenue target of over 100 million USD by the end of 2017

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A person has legitimate power when they are in a position of authority within an organization, such as the boss or a significant member of the leadership team When individuals in the organization respect the individual’s authority, he or she gains power The laws that exist in an organization help to develop legitimate power.

As a CEO of Bibo Mart, Mrs Trinh Lan Phuong has redirected the enterprise from retail business to an ecosystem concentrating on scientific research, technology and investment Under her supervision, Bibo Mart has brought about a myriad of economic and social value Since 2018, Bibo Mart has invested in numerous categories related to synchronous technology infrastructure such as Big Data, Automation, Subscription, IOT, AI, As a consequence, it will turn into a digital ecosystem connecting consumers, suppliers, staff and effectively exploit existing resources

Reward power is communicated by rewarding people for following one’s wishes This can be accomplished by providing bonuses, raises, promotions, or additional time off from work, among other things It's a great approach to motivate employees while they are on the job The allure of a prize, no matter how big or tiny, can encourage your team’s innovation, healthy competition, and excitement

Mrs Trinh Lan Phuong - CEO of Bibo Mart affirmed the importance of human factors in an organization, with customers being the target and employees being in the rear In the context of the Covid - 19 pandemic, the CEO of Bibo Mart opined establishing a hotline for the interest of employees They did not only send gifts to the quarantine area, but they also supported all medical examination and treatment costs,

called every day to update information of employees infected with Covid-19 In particular, all employees who are infected or in F1 or F2 status not being able to go to work were guaranteed 50% of their salary by Bibo Mart

By changing the strategy to a humanistic, people-centered direction, showing the business's concern for employee welfare, Bibo Mart ensures the goal of retaining workers and stabilizing operations, thereby preparing the most important potential for

a breakthrough after the epidemic

Expert power is derived through one’s experiences, abilities, and knowledge As

we gain knowledge and become thought leaders in specific areas, we begin to amass expert power that we may use to persuade others to assist us in achieving our objectives.Mrs Trịnh Lan Phương, the CEO of Bibo Mart, demonstrates expert power through her extensive experience and knowledge in various fields, as well as her ability

to lead and transform the company in the digital age Mrs Trinh Lan Phuong has a rich and diverse professional background This varied experience across different sectors has likely contributed to her broad perspective and ability to adapt to different situations.Leading Bibo Mart’s digital transformation was not an easy task Despite the challenges, she managed to successfully transition the company from a traditional retail business to a more technologically advanced organization This demonstrates her expertise in leading change and innovation Under her leadership, Bibo Mart became a market leader and significantly outperformed its competitors in terms of revenue She made strategic decisions to optimize the company’s operations and resources, demonstrating her expert power in strategic management and decision-making Mrs Trinh Lan Phuong built a strong team by inviting experts from various fields, including big data and supply chain management, to join her This shows her ability to recognize and leverage the expertise of others to drive the company’s success

Lastly, she has a clear vision for the future of Bibo Mart She sees the company not just as a retail business, but as a technology company that supports the retail market and acts as an investor This forward-thinking approach demonstrates her expert power

in anticipating market trends and positioning the company for future success

Mrs Trinh Lan Phuong, the CEO of Bibo Mart, has demonstrated significant referent power through her leadership and influence in the retail sector As the CEO of Bibo Mart, she has led the company to become the No 1 retail chain for mother and baby products in Vietnam Her leadership and strategic decisions, which have a significant impact on the enterprise and its employees, have been instrumental in the company’s success Her vision and direction have shaped the company’s growth and development She is also known for her dedication, integrity, responsibility, enthusiasm, and innovation These qualities have earned her the respect and admiration of her colleagues and employees

Furthermore, Mrs Trinh Lan Phuong is actively involved in community activities and initiatives Bibo Mart has organized 5000 free pregnancy training classes that help

to improve knowledge & confidence for moms to give birth successfully This shows her commitment to social responsibility and her influence extends beyond the business world, thus, she serves as a role model for many Her journey from working in various sectors to leading a successful retail chain inspires many aspiring entrepreneurs.Lately, her ability to adapt to changing market trends and her focus on innovation have been key to Bibo Mart’s success She has invested heavily in technology and brought in experts to ensure Bibo Mart stays ahead in the retail sector

2 Traits approach

Not only is she a gorgeous entrepreneur, CEO Bibbomart - Trinh Lan Phuong is also known for qualities of a brilliant leader

A visionary has the innovative capability to define and chase a future goal, holding

a vivid picture of desired achievements and can motivate others toward that vision The

a city, requires a systematic strategy and plan to avoid paying fees for each expansion”.From this statement, the leader of Bibomart revealed that the company has invested millions of USD in technology and implemented systems such as ERP, warehouse, online, CRM, etc At Bibomart, there is a team of technology experts from Silicon Valley (USA), who have helped Taobao, Amazon, Walmart, Carter build a synchronized technological architecture and now will help Bibomart "further expand the highway".

Bibomart has transitioned to a scalable digital platform, seeing no competitors, only potential partners Its growing ecosystem facilitates stakeholder engagement in digital transformation and adaptation to systemic changes

Business acumen is the ability to comprehend and manage business situations effectively The CEO of Bibomart exemplifies this, possessing a profound understanding of the retail sector, including market dynamics and consumer preferences, allowing for informed decisions and enhanced profitability, illustrated by:Understanding the psychology and preferences of consumers: Children are among the easiest selling targets, followed by women, and then men Products for mothers and children often have lower value but higher shopping frequency and product variety, as mothers prioritize and seek the best quality for their children Initially, specialized stores and product variety in this segment were limited and couldn’t meet the discerning needs

of mothers seeking premium products for their children

Seizing the market opportunity: Previously, mothers had to settle for inferior substitutes, primarily from China, due to unmet demands Post Vietnam’s WTO entry

and trade barrier reduction, products from Japan, Europe, and the U.S became available

at competitive prices, allowing consumers access to affordable, high-quality options, and elevating shopping demand by fulfilling previously unmet needs Recognizing customer needs and market opportunities is at the core of Bibomart’s strategic vision, forming the foundation for its market entry and subsequent success

Integrity is a personality trait that involves having strong principles and using a strict code of ethics to guide your actions

CEO of Bibomart maintains high ethical standards, demonstrating integrity and promoting transparency and honesty within the organization for long-term sustainability Trinh Lan Phuong stresses the importance of robust connections among consumers, suppliers, and employees She believes in prioritizing end-user benefits for customer loyalty, fostering sustainable growth and mutually beneficial strategies with suppliers, and cultivating employees' roles as brand ambassadors for the company's success

Chairman of Bibo Mart, Trinh Lan Phuong, reflects, "Having righteousness and benevolence to gain the support of the community and society; having the capacity, internal strength, and innovative technological system, the company will surely succeed and sustainably develop over time." She confidently asserts that even in the "storm" of competition, Bibo Mart will continue to uphold its two core principles: "What emanates from the heart will touch the customer's heart" and "Treat others as you would like to

be treated."

Generosity is the act of being kind, selfless, and giving to others:

In the management perspective of Trinh Lan Phuong, the chairman of Bibomart, behind the leader is the staff, and in front of the leader is the customers To aim towards the front, we must take care of the team behind, especially in the context of the Covid

19 pandemic, “We do not prioritize expansion or development goals Instead, we focus

on taking care of the health and livelihood of our brothers and sisters in the southern region.” Mrs Phương said