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This section will identify the firm’s overall business strategy. The company has declared the following as its vision: To grow by building lifestyle brands that excite consumers around the world. The company intends to do this by implementing the following core strategies: i) Build a portfolio of strong brands that deliver great value to consumers. ii) Target brands to reach a variety of consumer segments across all retail channels. iii) Grow international presence. iv) Lead industry in responsive service. v) Maintain conservative financial policies.
The strategy to focus on consumers is not a new strategy for Vanity Fair Corporation.
In the late 1990’s, after CEO Mackey McDonald took the helm of the company, he launched a program called “consumerization” in which the company aimed to reorient all of its operations – including manufacturing, marketing and systems technology toward meeting the needs of the customers. (Pederson 2003) The effort to grow a strong portfolio is also evident in the great number of brands that the company has collected throughout the years.
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Wrangler, Lee, The North Face, Kipling, Nautica, Jansport, Lee Sport and Eastpak are examples of these brands.
They are common household names which we have used and re-used everyday. Growth in the international arena is evident in VFC’s history. It has continually expanded into Latin America and China. In 1999, it acquired UFO Jeans in order to penetrate the Latin American market. In the same decade, VFC began manufacturing and markeing Lee Jeans in China through a joint venture in the province of Guangdong.
Human Resource Management Policy This section will identify how the firm’s organizational structure and human resource management policy supports its business strategy.?
The company’s human resource management policy is well aligned with its strategy to grow international presence. The company’s efforts to grow international presence have resulted in the establishment of factories and stores around the world. To ensure alignment of these two policies, the company has come up with a global compliance program among its factories. The main thrust of such a policy was to first set a minimum standard of compliance within each jurisdiction. The minimum standard would be the legal standard.
The company refuses to cut corners in order to simply attain minimum cost. The subsidiary thrust of such a policy was to set the company’s own standards in matters relating to Child Labor, Forced Labor, Wages and Benefits, Monitoring and Compliance and other issues which we have previously tackled in the Political Environment section of this paper. Simply put, the company has put in place stricter standards in order to safeguard its goodwill and name. There is a growing recognition that its growing business would eventually end up in the places where it manufactures and not just in the US.
It has to comply and even exceed the standards set by law in how it manages its human resources. It is in this light that the company’s human resource policies are well aligned with its company strategy. They go hand in hand. The company cannot treat its employees and manufacturers poorly in terms of standards of care in labor when it would eventually sell its own products to these markets. The goodwill and name of the company must be well protected because of this international dimension and perspective.
Overall Business Strategy. (2020, Jun 02). Retrieved from https://studymoose.com/overall-business-strategy-new-essay
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