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 Management Topic 12: Analyze the leadership style of Mrs Trinh Lan Phuong – CEO Bibo Mart Group members: Hoàng Ngân Hà 2212340028 Trần Phương Anh 2212340011 Phạm Thị Việt Hà 2212340031 Nguyễn Quang Duyệt 2213250028 Đỗ Minh Hiển 2212340034 Nguyễn Trọng Hữu 2212250043 Ngô Ngọc Minh 2112340606 Class: QTRE303(HK1-2324)1.4 Lecturer: PhD Do Huong Giang Hanoi, September 2023 PARTICIPATION RATE NAME STUDENT ID RATE Hoàng Ngân Hà 2212340028 100% Trần Phương Anh 2212340011 100% Phạm Thị Việt Hà 2212340031 100% Nguyễn Quang Duyệt 2213250028 100% Đỗ Minh Hiển 2212340034 100% Nguyễn Trọng Hữu 2212250043 100% Ngô Ngọc Minh 2112340606 100% TABLE OF CONTENTS I Introduction II Overview Leadership Types of Leadership 2.1 Traits and behavior theories 2.2 Contingency Theories 2.3 Path-Goal model Sources of Power Position III Analysis Power 1.1 Legitimate power 1.2 Reward power 1.3 Expert power 1.4 Referent power Traits approach 2.1 Visionary 2.2 Business acumen 10 2.3 Integrity 11 2.4 Generosity 11 Behavioral Approach 12 3.1 People-oriented behaviors: 12 3.2 Task-oriented behaviors: 14 IV Conclusion 17 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 Overview Leadership Leadership is defined as a process of leading a group of people and influencing that group to achieve its objectives Leadership could also be defined as the effort to influence other people to behave with diligence and enthusiasm to contribute voluntarily to the achievement of group tasks in a given situation 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 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, selfconfidence, 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 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 Document continues below Discover more from: Trị Học Quản QTR69420 Trường Đại học… 742 documents Go to course 184 23 Quản Trị Học - Giáo Trình Quản Trị Học 100% (59) Phân tích thực trạng hoạt động tuyển… Quản Trị Học 100% (18) Trắc nghiệm QTH 25 20 18 Quản Trị Học 100% (9) TÌNH HÌNH TUYỂN DỤNG CỦA Vingroup Quản Trị Học 100% (9) Đáp án 222 câu QUẢN TRỊ HỌC Quản Trị Học 100% (6) 222 câu trắc nghiệm Quản trị học có đáp… 18 of punishment or negative obliged to comply Coercive power is based on the fear Quản Trị Học outcomes Reward power is derived from the ability to allocate valuable rewards 93% from (14) 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 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 Analysis Power Mrs Trinh Lan Phuong, emphasizing sustainable cooperation and development, prioritizes a management structure and strategy at Bibo Mart aiming for mutual benefits (win-win-win) As a leader, she exercises her power to uphold the system, employing four out of five leadership power sources: legitimate, reward, expert, and referent power, to maintain and enforce the entire framework 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 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 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 CEO of Bibomart exemplifies this, discerning market trends and opportunities, and directing the company toward its long-term objectives with a clear future vision “I think technology is an important foundation for business development, technology must lead the way Technology is like a highway; we want to run at high speeds on it, with many vehicles traveling on it, so we have to prepare ourselves with a ready technology platform.” “I need an architect to build a villa I will hire an architectural company to construct a hotel Constructing technology, as well as building 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 10 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 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 11 In the last days of 2021, when many businesses were struggling due to the pandemic, many companies delayed salaries and cut Tet bonuses However, Bibo Mart announced that they would still pay the full 13th month salary Furthermore, they organized activities to support their employees such as organizing group trips to bring officials and staff back to their hometowns to celebrate Tet with their families, and giving Tet gift baskets to all employees "If I don't care for them, how can they follow me? Without them, I wouldn't be strong I may think well, but I can't everything Empathy and sharing are what brings them to me, not just for the paycheck but also with their whole hearts The warmth of a leader will transmit to the staff, and from there, to the customers and the community," Mrs Phuong said, "I believe that overlooking sales and profits at a certain period of time is a sacrifice worth making in order to restore morale and spread warmth to their entire family." Behavioral Approach Through extensive research findings, Mrs Trinh Lan Phuong appears to consistently display behaviors synonymous with a democratic leader, reflecting a strong tendency to cultivate a collaborative and inclusive decision-making atmosphere within her leadership role 3.1.1 Coaching and mentoring: At first, when BiboMart's employees were solely sales staff, the company faced significant challenges during its early establishment Limited resources in terms of finances, technology, experience, and manpower added to these challenges As a result, she had to engage in continuous learning to effectively train her staff Her training efforts not only helped unlock the potential of her workforce but also enabled her to establish a clear vision Currently, half of Mrs Phuong's time is dedicated to training and sharing “'My job is to ensure that everyone fully understands the culture, is passionate, and feels connected When there's passion and unity, with a strong workforce like we have now, the rest becomes less challenging,' shared Mrs Phuong." 12 3.1.2 Empathy Mrs Phuong really cares about the feelings, needs, and concerns of the team members She said: "I've determined that long-term success relies on the team Behind us are the employees, and in front of us are the customers To move forward, we must take care of the team at the back That's a fundamental management principle." In addition to supporting employees, BiboMart has also established the Compassion Fund, granting branch directors the authority to proactively approve timely assistance for the families of employees facing particularly difficult circumstances In August 2021, due to the escalating pandemic, the People's Committee of Ho Chi Minh City mandated stricter measures from August 23rd On the same day, a succinct, urgent letter from the Chairman's office was sent to all leaders of subsidiary companies, departments, and divisions, conveying determination and commitment Highlighted in bold and red in the letter was the message prioritized by BiboMart's Chairwoman Trinh Lan Phuong: “People are the CORE of the organization, with a focus on the HUMAN objective, not prioritizing expansion or development goals Concentrate on the health and well-being of our colleagues in the South.” Right from the moment when the first F0 cases were identified, the company had a support policy in place They sent care packages to the quarantine areas and covered all medical examination and treatment expenses All personnel infected with the disease or falling into the F1 or F2 category, unable to work, were guaranteed 50% of their salary by the company 3.1.3 Open communication: Bibo Mart fosters a culture allowing team members to express opinions, concerns, and ideas freely and constructively without fear of retribution This 'freedom of speech' ethos permits clear, unambiguous communication, saving time and preventing misunderstandings Despite a workforce where over 90% of the 2,500 employees are women, there’s a complete absence of internal conflict Bibo Mart promotes a ‘nonpolitical’ and agile working environment, emphasizing positive thinking 13 3.1.4 Fosters team spirit; builds relationships; create a safe environment; encourage corporate culture Corporate culture fundamentally originates from the business owner's mission and the aspiration to yield positive impacts for the community and customers It sets the foundation for core values and behavioral norms The owner must exemplify these values and norms, sharing them to foster unified thinking and behavior, which then becomes the company’s culture While employees may have diverse backgrounds and perspectives, a common set of rules is crucial to guide everyone’s thoughts and actions within the business "For example, when a competitive rival attacks, the entire BiboMart team stands up for defense However, we don't seek revenge; instead, we respond with goodwill This approach is aimed at ensuring that both our internal team and our competitors perceive us as ethical businesspeople" explained Mrs Phuong 3.2.1 Communicate clear objectives: Thorough task explanation to departments so everyone can understand and follow the steps toward the objective This includes delegating responsibilities, providing simple instructions and outlining tasks Any company has been in a lull period due to lack of communication, and Bibo Mart has been the same Employees cannot find a common voice, the connection between superiors and subordinates is not nearly as tight, and that leads to poor communication in the company Realizing that, Mrs Trinh Lan Phuong pushed the company to a new stage, which is a stepping stone for the company's development, which is creating relationships between everyone in the company, contributing to building a comfortable and productive working environment, thanks to communication Mrs Trinh Lan Phuong employs a simple yet impactful policy of surveying employees’ opinions on their superiors and desired changes in those relationships Managers benefit from preferential commission policies, facilitating harmonious employee interactions and efficient branch coordination This approach fosters positive 14 relationships across all levels, allowing for smooth work delegation from top to bottom without concerns of non-cooperation or internal conflicts 3.2.2 Set processes: Focus on creating simple processes that all team members can follow Straightforward processes help team members maintain their focus and can increase productivity At Bibo Mart, Mrs Trinh Lan Phuong implements a structured operating model where the president guides the company’s path and makes pivotal decisions Senior leaders beneath the president are tasked with delegating responsibilities to leaders in each department These leaders then set goals, timelines, and delegate tasks to managers for execution and cooperation among branch managers and employees, reporting back to senior levels The company’s success is contingent upon employee execution, aligned with the president's direction, with self-formed principles emerging during the working process Discipline and rigor are prioritized as key developmental factors within the company’s framework 3.2.3 Issue straightforward deadlines: To achieve results, every goal needs to have a distinct deadline Make sure you define soft and hard deadlines if necessary You can set reminders at certain intervals so everyone on your team remembers the timeline For any company with a strong pursuit for great success, the time factor cannot be ignored, not just for Bibo Mart Not only is she a person who always has the right and clear path, but adhering to deadlines to achieve the best results is always a top factor for Mrs Phuong With the policy of one success a month, it seems impossible to achieve the target because it puts a lot of pressure on the company, especially the leaders, when they are the ones assigning work and waiting for results, but The working situation at branches often causes unexpected errors from employees and external influences Therefore, the time factor is not only the key to Bibo Mart's rapid promotion in the consumer market, but also a particularly big challenge when having to deal with countless problems that can arise out to managers who are responsible for meeting deadlines and managing subordinates 15 3.2.4 Offer employees guidance: Supporting the team through challenges, offering feedback, and answering questions are vital for building a good executive, especially when the company faces frequent problems, ranging from minor internal issues to major ones affecting the company's processes In the past three years, Bibo Mart, under Mrs Trinh Lan Phuong, faced crises due to human resource shortages, unmet targets, and strained relationships, causing a loss of investor and customer trust Mrs Phuong considered closing Bibo Mart’s stores due to escalating negative revenue and problems However, her keen observation and foresight identified the root issue—branch managers oppressing employees By addressing this and other internal matters, Mrs Phuong restored subordinate trust, attracted investors, overcame competitors, regained consumer confidence, stabilized capital, and regained advantage 3.2.5 Implement a rewards system: For task-oriented leadership to be successful, it’s crucial to have a rewards system to encourage all employees to stay on task A robust remuneration policy is crucial for Bibo Mart’s internal development, a fact well understood by Mrs Trinh Lan Phuong Adhering to a policy of equitable treatment and harmonious working environment, rewarding commissions are integral Employees are entitled to paid leave days per year, additional compensations on holidays, and double or triple salaries when working on those days Managers and senior leaders also have attractive remuneration, promotion opportunities, and significant bonuses for exceeding targets Furthermore, the company regularly arranges luxurious trips and team-building sessions after stressful periods for all employees 16 Conclusion In our study, we explored the leadership style of Mrs Trinh Lan Phuong – CEO of Bibo Mart Mrs Trinh Lan Phuong with utilization of her power has guided the enterprise to stable growth and success Her traits have illustrated a very visionary but also realistic and caring leader Innovative plans for the future of digital transformation along with the “People” culture at the heart of operation success, Bibo Mart is in great hands for further growth and success in such a niche market The lesson learned from Mrs Trinh Lan Phuong’s leadership style can benefit leaders and organizations seeking for sustainable growth in today's dynamic business world The first lesson is that a leader should possess a visionary mindset for the company Great visionary leaders can help organizations identify opportunities and navigate threats, thereby enabling them to achieve long-term goals Another valuable lesson we can learn from Mrs Phuong is the willingness to adapt to the ever-changing dynamics of the business world With her exceptional business acumen, she has not only anticipated future changes and development demands but has also shown a remarkable readiness to embrace them By strategically hiring experienced foreign staff and investing in technology transformation, Bibo Mart has remained competitive and emerged as a pioneer in the industry Mrs Trinh Lan Phuong's leadership style also emphasizes the significance of corporate culture and leader-employee relationships Through fostering strong and empathetic relationships between leaders and employees, Bibo Mart has maintained sustainable growth, both during and after the COVID-19 pandemic The policies implemented by Mrs Phuong during the challenging times of the pandemic not only endeared her to the employees but also served as an exemplary model for other organizations 17 Reference bibomart.com.vn Bibo Mart - Hệ thống siêu thị Mẹ bé [online] Available at: https://bibomart.com.vn/ [Accessed 25 Sep 2023] Robbins, S.P and Coulter, M.K (2012) Management Boston: Prentice Hall ictvietnam.vn (2021) CEO Bibo Mart Trịnh Lan Phương: ‘Chuyển đổi số không dễ người nói’ [online] Tạp chí điện tử Thông tin Truyền thông Available at: https://ictvietnam.vn/ceo-bibo-mart-trinh-lan-phuong-chuyen-doi-so-khong-de- nhu-moi-nguoi-dang-noi-23241.html [Accessed 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