The document discusses several leadership theories including trait theory, behavioral theory, and situational/contingency theories. It specifically focuses on explaining Hersey and Blanchard's Situational Leadership Theory. This theory proposes that effective leadership depends on matching the leader's style to followers' readiness level. The theory identifies four leadership styles - telling, selling, participating, and delegating - that should be used depending on if followers have low or high competence and commitment. The key to success is for leaders to identify followers' maturity levels and adapt their style accordingly.