Introduction and Foundation Flashcards
Describe the paper:
Hagemann, J. H. and Trolle, M. (2018). Dreams and Details Reinvent your business and your leadership from a position of strength
Dreams and details – a new leadership model
* “Unleash human potential”
* In short, the Dream is what we want to achieve
* The second part of the model is the Details. The Details define which areas we need to transform and perfect in order to achieve the dream.
* Dreams and Details is our recommended leadership model to enable continuous reinvention based on maximizing human performance.
* And it includes setting the right mindset and framework to unleash human potential and accelerate the transformation of the organization
Season change
The art of discovering a season change
1. Reactive – crises and visible changes
a. Mostly unsuccessful – Clear to see that change is needed – Might be necessary with a change in management, to make radical changes.
2. Active – danger signals under the surface
a. Healthy company, but market is evolving. Therefore low growth for the company. Other firms in the industry have higher growth.
b. Might be a sign, if it is necessary to cut costs to increase profit. Sign for a new season.
3. Proactive – scouting for new seasons
a. Can be done internally, but also possible to hire external consultants.
b. Always looking for the newest trends
Chapter 1: Introduction
- The future cannot be planned, and businesses need to embrace a new approach to leadership that focuses on people.
- Performance management is outdated and needs to be replaced with a new model that encourages innovation and creativity.
- The digital revolution is changing the way we work, and businesses need to adapt to stay competitive.
Chapter 2: In Search of Hidden Signals
- Businesses need to project the future and imagine new possibilities instead of relying on past experiences.
- Leaders need to be able to identify hidden signals that indicate a season change and be willing to take risks to capitalize on new opportunities.
- The innovator’s dilemma can be solved by creating a culture of innovation and collaboration.
Chapter 3: Dreams and Details
- Leaders need to create a dream that inspires and motivates employees to work towards a common goal.
- Attention to detail is crucial, and micro-leadership should replace micro-management.
- A platform for change should be created that includes a mindset filter and an optimal court to play on.
- The big picture should be a dynamic balancing act that adjusts the elements continuously.
Describe the paper:
Palmatier, R. W., Scheer, L. K., Evans, K. R., and Arnold, T. J. (2008). Achievingrelationship marketing effectiveness in business-to-business exchanges
The article is about relationship orientation and tests a salesperson relationhip marketing activities through 2 mediators their impact on three seller performance outcomes.
The two mediators are ‘Buyers exchange ineffeciency’ (cost of RM) and ‘Buyers trust in salesperson’ (benefit of RM).
The results show that ‘Buyers trust in salesperson’ had a sigificant positive affect on 2 sellers performance outcomes whereof ‘Buyers exchange efficiency’ affected all three sellers performance outcomes negatively. Additionally the ‘Buyers exchange ineffeciency’ negatively impacts ‘Buyers trust in salesperson’.
*Have focus on the first part of the model (The drivers) (Factors promoting relationship orientation)
Describe the paper:
Schmitz, C. and Ganesan, S. (2014). Managing customer and organizational complexity in sales organizations
About the complexity in sales and how to circumvent this.
Conclusion
* Personal resources mitigate role stress in complex organizations, but increase role stress in complex markets
* Supervisory resources (TLB) help self-efficacious sales people navigate complex markets, but it also raises role stress for low self-efficacious sales people
What to do:
* Train sales people
* Having clear templates and protocols
* Increase assistance from marketing (automation)
* Develop customer-centric organizations with a shared dream, in stead of silos with special KPIs
WHAT IS A PRACTICE?
”Ongoing series of practical activities” (Giddens, 1976)
What is the functions and purpose of Business?
“Business has only two functions — marketing and innovation.”
“The purpose of business is to create and keep a
customer.”
– Peter Drucker, The Practice of Management, 1954
What is Business-to-business marketing?
Marketing of products and services to organisations (industrial marketing)
What are the differences between B2B and B2C markets?
The Buying center
Who participates in the process?
- Initiator
- Influencers
- Gatekeepers
- Buyers
- Deciders
- Users
The Buying center
What influence do the different stakeholders have on the buying decisions?
- Initiators: They have the initial influence as they recognize the need and propose the purchase. Their role is to generate interest and support for the buying decision among other stakeholders.
- Influencers: These stakeholders can have significant influence by providing recommendations, opinions, and expertise. Their input may shape the evaluation criteria and supplier preferences.
- Gatekeepers: They control access to decision-makers and can influence the flow of information within the buying center. They can play a critical role in managing communication and controlling the buying process.
- Buyers: As the individuals responsible for negotiating and executing the purchase, buyers have a direct impact on supplier selection and contract terms.
- Deciders: Deciders have the final authority to approve or reject a purchase. Their influence is crucial in the final decision-making process.
- Users: Users’ input is valuable as they will be directly affected by the purchased product or service. Their feedback and preferences can influence the decision-making process, particularly in evaluating the usability and functionality of potential suppliers’ offerings.
The Buying center
What criteria are importance for each stakeholder in the evaluation of potential suppliers?
- Initiators: They may focus on factors such as the need for the product or service, its potential benefits, and how it aligns with the organization’s goals and objectives.
- Influencers: Influencers often prioritize aspects like quality, performance, reliability, and the supplier’s reputation. They may also consider factors such as innovation, sustainability, and compatibility with existing systems or processes.
- Gatekeepers: Gatekeepers may look for suppliers that provide clear and relevant information, good customer support, and ease of communication. They may also consider factors like the supplier’s financial stability and track record.
- Buyers: Buyers are concerned with cost, pricing terms, delivery schedules, and the supplier’s ability to meet their specific requirements. They focus on negotiating favorable terms and ensuring a smooth procurement process.
- Deciders: Deciders consider the overall value proposition, including the supplier’s reputation, financial stability, long-term partnership potential, and the alignment of the supplier’s offerings with the organization’s strategic objectives.
- Users: Users prioritize factors such as usability, functionality, compatibility, and post-sales support. They focus on how well the product or service meets their operational needs and integrates with their existing systems or workflows.
Name part in B2B marketing that’s under development
The importance of global markets
* The buying patterns and business conditions are different from established markets
* Emerging markets trigger innovative practices by both local and global companies
The disruptive power of technology
* Implications for customer buying behavior, communications, marketing/sales automation and innovation
The transitioning of many B2B firms
* Form operations-oriented to customer value driven
* From product focus toward a stronger service or solutions orientation
Explain the model of Dreams and Details
Dreams and details – a new leadership model
* “Unleash human potential”
* In short, the Dream is what we want to achieve
* The second part of the model is the Details. The Details define which areas we need to transform and perfect in order to achieve the dream.
* Dreams and Details is our recommended leadership model to enable continuous reinvention based on maximizing human performance.
* And it includes setting the right mindset and framework to unleash human potential and accelerate the transformation of the organization
- Marked with green = Components that we can change. And will have an overall impact on the whole.
Explain:
Transaction vs. Relationship Marketing
Be aware of the ‘danger zone’ navigating in the middle between the two.
Issues between (Snabe, J. H. & Trolle) and ‘Dreams and details’
Two issues:
1. Routine sales, stability, experience and habits improve sales, by improving self-efficacy. However, it also limits managers ability to cope with changes and development
= Define the 1-3 most important details and develop the right mindset
- Fixed responsbilities and clear KPIs improve performance, by lowering role ambiguity. However, it also limits organizational adaption when industry assumptions are changing
= Set an overall inspirational dream/vision and create a meaningful framework
What are the key takeaway from the lecture of ‘Introduction and foundation’?
- KPIs does not lead to extraordinary performance
- Relationships are not always important
- Self-efficacy affects sales reps ability to handle complexity
