Portfolio: Motivation, Market Expansion, and Business Strategy

This report provides an overview of employee motivation, exploring theories such as Maslow's hierarchy of needs and McGregor's Theory X and Y, and their application in a business context. It examines market expansion strategies, emphasizing the importance of adapting to new markets and analyzing business growth opportunities, using Zylla Limited as a case study. The report also includes a portfolio summary, discussing the purpose and elements of portfolio study, including the assessment of work quality, learning outcomes, and the development of creative thinking skills. It highlights the significance of teamwork and individual contributions in achieving organizational goals. The report underscores the importance of tailoring motivational systems and strategies to meet both organizational and individual employee needs, emphasizing the role of emotional intelligence and a well-designed incentive system for success.

Summary of Portfolio
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Portfolio Summary
Portfolio
Motivation
Motivation can be termed as the process of stimulating behaviour of an employee
or an individual by providing an opportunity to satisfy a need or a desire (Weiner, 2013).
It is the driving force which encourages an employee to act in a desire to earn rewards
or incentives. In an organisation, motivation is of utmost importance which determines
the intention of employees to work with the best productivity and efficiency and
accomplish the organisational goals and objectives (Herzberg, 2017). Motivation is not
only concerned with the context of a business organisation but it extends to every
dimension and perspective of human life where an individual is motivated to make effort
in order to satisfy his needs or requirements (Deci and Ryan, 2010). One of the primary
management function is to motivate the workforce and boost the morale of employees
to increase the operational productivity and performance. However, it has been
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observed that employee motivation is the most neglected function when it comes to
managerial functions. Importance and significance of compensation in motivating the
workforce is overestimated by the managers while ignoring the other essential aspects
which motivates an individual (Frey and Osterloh, 2001). For the purpose of intrinsic as
well as extrinsic motivation of an employee, management needs to think beyond
compensation which only works while recruiting candidates initially and for a limited
period of time.
Success and growth of an organisation is largely influenced by the contributions
made by employee to utilise other resources for accomplishing goals and objectives.
Further, employee contribution level and extent significantly depends on the level of
employee motivation which makes it imperative for the management to take measures
and improve elements in the organisation contributing to motivating the workforce
(Stolovitch, Clark and Condly, 2002). Tailoring the motivational system in the
organisation which consists of various elements for inspiring and encouraging the
employees for better productivity according to the organisational needs and interests
and at the same time, ensuring enough value from the individual employee perspective
is an essential task of management. Emotional intelligence is mandatory for the
management to connect with the position and need of employees and increase
provision of satisfying these needs to effectively build a highly motivated workforce
(Langhorn, 2004). To assist the managers in the process of employee motivation,
various theories and models of employee motivation have been proposed by scholars
covering multiple elements of human motivation. Significance of tailoring employee
motivation techniques according to organisational requirements can’t be overstated.
Hence, the two theories of motivation which can be implemented by the management of
Jack Stores are being discussed as follows:
Maslow's Theory of Need Motivation
According to the theory of motivation proposed by Maslow, there exists five
different types of needs in an individual which motivates a person to act in a particular
manner (McLeod, 2007). These needs exists in a hierarchical order in an individual and
only after needs at lower level have been successfully satisfied by a person, he gets
motivated to act in order to satisfy higher level needs. At the lowest level of the pyramid
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of needs, physiological needs exist which are the basic needs for survival of an
individual (Huitt, 2007). For example, needs of food and water, shelter, clothing
etcetera. Only after an individual has satisfied these survival needs, he gets motivated
to work for achieving higher level needs. The second level of needs on pyramid denotes
security needs which includes a safe and secure future to satisfy physiological needs in
long-term such as financial security, job security or safe and healthy work atmosphere.
Next category of needs includes social needs of a person i.e. need for love and
belongingness (Kunc, 1992). Self-esteem needs of recognition and respect among the
peers and social status exist on the fourth level of needs in Maslow’s pyramid. On the
fifth and last level of needs, self-actualisation and the desire to utilise the potential in the
best manner is felt (Lester, 2013). This theory can be used by management of Jack
Stores to effectively motivate employees and workforce.
McGregor’s Theory X and Y
According to this theory, attitude of managers in an organisation can be classified
under two different categories based on their personal opinion of what motivates an
employee which also determines the style of management. Under theory X, managers
of an organisation assume and have a belief that employees usually don’t want to work
and are not motivated to increase productivity. They don’t want to assume responsibility
and sense of duty. Employees under theory X are only motivated to satisfy their basic
needs of survival. Hence, the managers are forced to use authoritarian style of
leadership and constantly order employees and control them for accomplishment of
company’s goals and objectives. On the contrary, under theory Y, it is assumed that
employees of an organisation are willing to work with their best potential, understands
their job responsibility and like the challenging nature of job. Hence, in such situations,
only a little guidance and support is required from the management. Employees under
theory Y are motivated to satisfy their higher order needs along with basic needs of
survival which can form the basis of motivational system in the company.
Market Expansion
It is crucial for an organisation to compare and contrast the expectations with
reality upon deciding to expand to international markets beyond the national
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boundaries. Some points must be considered by the business organisation. Having a
well-designed professional company website preferably in the local language is
beneficial. Planning and outlining the promotional and branding activities in the new
business territory is essential which involves application of the trial and error method
(Bang and Joshi, 2008). For example, testing marketing strategy on a sample of
potential customers across multiple channels and testing the outcomes to increase the
positive aspects and reduce negative aspects of marketing strategy. It is crucial to
analyse every assumption which has been made with respect to sales forecast and
adjust it according to the initial results obtained quite regularly and frequently.
Dominating a new market is a process which involves constant application,
learning and experimentation to increase the sales figures and revenues in the monthly
reports (Boyer, Lasserre and Moreaux, 2012). In this report, business expansion
strategy of Zylla Limited is being evaluated which is a company that operates with a
large number of ferries to provide various river crossing services to people, goods and
vehicles. As a result of the increasing demand for ferry services, the management of
Zylla Limited is considering the option to invest into purchasing a new ferry which will
cater to the increasing customer demand.
Business expansion alludes to the process of business growth and diversification
by considering multiple options which are available to the management such as offering
additional products and services horizontally or experimenting vertical growth of the
business (Bang and Joshi, 2010). It can also include offering existing products and
services in new market opportunities or entering into combined business venture with
other organisations. Business expansion techniques are sought by the management
with the intent to grow, develop and expand the business operations to earn more
revenue and customers. Business expansion is also essential for an organisation
considering the dynamic nature of business environment and attaining long-term
sustainable and profitable operations.
Despite the way that it seems, by all accounts, to be to some degree
philosophical, market and business expansion opportunities is something that should
reliably be examined especially by CEOs, fundamentally considering the way that things
and organizations on the climb today can likely lose their importance in transit ( Souder,
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Simsek and Johnson, 2012). By persistently developing new things and new services to
offer to customers, the organisation doesn't risk losing its supportiveness in the market.
Every organisation makes effort to develop and acquire new customers while retaining
the existing customer base. Hence, business expansion can translate into acquiring
new customers and clients for long-term growth of business and even dominating new
markets domestically as well as internationally (Helfat and Lieberman, 2002). However,
the business organisation and management should be considerate of the impact
expansion is likely to create on the financial and other aspects of the existing
organisation.
According to the reports of cash flow for the last five years presented by Zylla
Limited, the cost of ferry in the last year has been almost same and consistent to what it
was in the first year. Discount factor for each year is also being represented in the cash
flow reports. Borrowing rate for the company is similar to its rate of capital which is three
percent. The management of Zylla Limited is not considering the option of investing into
the purchase of a new ferry and evaluating the alternative sources of funds. On the
basis of analysing the data provided in the reports of the company, it is being
recommended to the management of Zylla Limited to invest into the business expansion
opportunity as the cost of ferry doesn’t increase in any year and the company doesn’t
need any additional funds. It has been recommended that investing into this opportunity
will derive more benefits for the management of Zylla Limited compared to the costs
and it will help the company to increase the quality of service being rendered to
customers and take leverage of additional consumer demands.
Summary
Portfolio can be defined as the blend of scholarly work wherein instructive proof
is used for multiple objectives and reasons such as assessing the quality of work,
learning and acquiring knowledge through obtaining results and essential elements of
various module courses. Portfolio study helps an individual or student to determine the
quality of work being done by him, identify the learning outcomes and knowledge and
determine whether the requirements of the report have been met or not. Ability to
rationale and relate things with biggest context, aptitude and skills, use of graphical
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information and references helps an individual conducting study to convey his message
to the readers of report using these elements. Trainer or tutor can also understand the
work by analysing these elements of graphical information and introduction of the
report. Along with this, a detailed writing audit provides vital information with respect to
accessibility, reliability and accuracy of the data used in the report.
During the process of conducting a venture, an individual develops significant
creative thinking skills to yield results. Unoriginality of the report is used to determine
the genuineness of the information and based on it, an opinion on the outcomes and
evaluations understudy can be formed. Study material such as books or articles helps
the individual to complete his report or research and referencing this information
demonstrated that effective study and research has been carried out by the individual.
Procedure is applied for obtaining mixture of information and later individual can make
choices according to the requirements. Hence, an effective strategy is essential and
imperative for the examiner to collect and use information and data.
Portfolio is primarily used for assessing and evaluating the individual knowledge
and learnings in a similar nature to working inclinations and abilities. It is used by tutor
to determine whether the individual has been able to meet the desired learning
outcomes in an effective and efficient manner or not. It is crucial to obtain relevant
information and acquire skills and abilities in the process by an individual which also
influences the learning and educating style of tutor in future. It helps the person in not
only their personal and scholastic life but professional life as well where employability
depends on personal skills and scholastic accomplishments.
A team is a group of people making efforts and contribution to accomplish the
team goals and objectives. Every team member should be aware of his roles and
responsibilities and execute his duties. It is used to determine the individual contribution
and assistance in any completion of task or work. Team work is also crucial in scholar
existence where group work needs to be completed through individual assistance and
contribution from the team members in a significant manner. Further, team work and
collaboration influences professional life in a similar manner as it impacts the scholar
life. Hence, it can be evaluated that it helps the individuals to undertake personal as well
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as professional development where teamwork also has a major role to play in ensuring
the collective accomplishment of organisational goals, objectives and vision.
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REFERENCES
Books and Journals
Bang, V.V. and Joshi, S.L., 2008. Conceptualization of market expansion strategies in
developing economies. Academy of Marketing Science Review, 2008, p.1.
Bang, V.V. and Joshi, S.L., 2010. Market expansion strategy–performance
relationship. Journal of Strategic Marketing. 18(1). pp.57-75.
Boyer, M., Lasserre, P. and Moreaux, M., 2012. A dynamic duopoly investment game
without commitment under uncertain market expansion. International Journal of
Industrial Organization, 30(6), pp.663-681.
Deci, E.L. and Ryan, R.M., 2010. Intrinsic motivation. The corsini encyclopedia of
psychology, pp.1-2.
Frey, B.S. and Osterloh, M. eds., 2001. Successful management by motivation:
Balancing intrinsic and extrinsic incentives. Springer Science & Business Media.
Helfat, C.E. and Lieberman, M.B., 2002. The birth of capabilities: market entry and the
importance of pre‐history. Industrial and corporate change. 11(4). pp.725-760.
Herzberg, F., 2017. Motivation to work. Routledge.
Huitt, W., 2007. Maslow's hierarchy of needs. Educational psychology interactive, 23.
Kunc, N., 1992. The need to belong: Rediscovering Maslow's hierarchy of needs.
Langhorn, S., 2004. How emotional intelligence can improve management
performance. International Journal of Contemporary Hospitality Management.
Lester, D., 2013. Measuring Maslow's hierarchy of needs. Psychological reports. 113(1).
pp.15-17.
McLeod, S., 2007. Maslow's hierarchy of needs. Simply psychology. 1. pp.1-8.
Souder, D., Simsek, Z. and Johnson, S.G., 2012. The differing effects of agent and
founder CEOs on the firm's market expansion. Strategic Management
Journal. 33(1). pp.23-41.
Stolovitch, H., Clark, R.E. and Condly, S.J., 2002. Incentives Motivation and Workplace
Performance. Research and.
Weiner, B., 2013. Human motivation. Psychology Press.
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