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A company could be the lowest cost producer yet not offer the lowest-priced products or services. If so, that company would have a higher than average profitability. However, cost leader companies do compete on price and are very effective at such a form of competition, having a low cost structure and management. [1]
Leadership skills - These skills offer the ability to understand and communicate the company’s needs and inspire others to work diligently toward goals Behavioral acknowledgements - Recognizing the behavior and perceptions of others enables managers to resolve conflicts, manage stress, improve themselves as well as others, and increase ...
Therefore, investment in management development can have a direct economic benefit to the organisation. In 2004, the money spent per year per manager on management and leadership development was £1,035, an average of 6.3 days per manager. [2]
Leader development is described as one aspect of the broader process of leadership development (McCauley et al., 2010). Leadership development is defined as the expansion of a group's capacity to produce direction, alignment, and commitment (McCauley et al.), in contrast to leader development which is the expansion of a one's ability to be effective in leadership roles and processes.
At the beginning low-cost budget airlines chose "cost focused" strategies but later when the market grew, big airlines started to offer the same low-cost attributes, and so cost focus became cost leadership! [5] A cost leadership strategy may have the disadvantage of lower customer loyalty, as price-sensitive customers will switch once a lower ...
According to Fiedler, there is no ideal leader. Both task-oriented and relationship-oriented leaders can be effective if their leadership orientation fits the situation. When there is a good leader-member relation, a highly structured task, and high leader position power, the situation is considered a "favorable situation".
With varying degrees of success, many leaders get their strategy-making to this point and either stop or their process stalls. A major reason is the lack of understanding and commitment to the steps required to build more effective strategic leadership practices and a strategic dialogue in the operating groups below the senior managers.
In reviewing the older leadership theories, Scouller highlighted certain limitations in relation to the development of a leader's skill and effectiveness: [3] Trait theory: As Stogdill (1948) [4] and Buchanan & Huczynski (1997) had previously pointed out, this approach has failed to develop a universally agreed list of leadership qualities and "successful leaders seem to defy classification ...