This was the means to reach out to those who wouldn’t buy a Vera Wang gown. In 2006, she furthered her efforts to reach a broader base of clientele by releasing the Vera Wang Read- to-Wear line, which she claims to have taken a financial loss in. Her plan is to make her product “widely known and widely worn”.
The Ready-to-Wear line is exclusively featured at Kohl’s department store, affordable to the less wealthy customer. Challenge No. 3: Another challenge Vera Wang has faced is the shorter turn around times between shipments of new lines. She’s had to adjust her line of thinking and operations to suit the need for a new line, every couple of months, rather than the twice a year that it once was. This also reduces the time to select which pieces will be successful, in each new line, increasing the risk for poor sales, should they make the wrong choices in these selections.
Not only is selection of pieces important (as trends and climate vary by area), but they are allotted less time to make such decisions as what sources for material they will SE, where different components will be made and assembled and what path of shipment will be utilized. Analyze this business leaders leadership style and discuss how he or she has adapted to cultural differences and how he or she operates the business effectively in global markets. Her leadership style reduces the pains, somewhat, in the challenge just mentioned. She’s been quoted as stating, ‘You’re only as good as your team”.
Executives, who work for her, assist her in making these decisions. These selections take place at design meetings, between her and Vera Wang executives, as time for a new product release approaches. This would suggest that Vera Wang illustrates a participative leadership style, where important decisions, such as which pieces will be featured in each retail season, are made as a group. She has been quoted as stating the following: “l try to share a tremendous amount with my staffers. Feel everything (tribulations of the business, the responsibility to people who depend on me to feed their families).
Those things are always in my decision making processes”. She understands the theory that the means to achieve brand identity and to keep your name “hot” varies widely across the globe. Her entry into the global market has been slow. She pursues a three tier strategy: luxury, medicine and discounted, particularly with the weakening economy. She refers to this strategy as “casualties COUtUre”. She has outlined a five year plan for entry into the Asian and European markets. Evaluate this business leader’s theory of business leadership, management, and methods for motivating individual and group behavior.
As previously stated, her staff is a pivotal part of the decision process within the company. They are often a direct part of decisions, creating a sense of ownership, to an extent, in the minds of those who work for her. Vera Wang offers nominative pay, generous salary options, flexible work schedules, paid training and a health and wellness plan, which consists of health, dental, vision and life insurance. Discuss how this business leader has made an impact on the world through his or her vision, business, and through other areas (e. . , philanthropy, environmentalism, etc. ). Sophisticated style has always been Vera Hang’s focus, since her entry into the fashion industry. She places high emphasis on customer service and personal relationships (her mentors, her customers, her employees), as well. She stated, “All businesses are personal businesses”. Part of her success is attributed to the importance of personal relationships and connections, to her. She believes that her commitment, to relationships and connections, is the secret to her success.
Not only does her staff sell gowns, but they also offer advice on accessories, hair style, shoe selection, jewelry and flower selection. She wants her customers to feel like they’re getting an upscale product with upscale treatment, whether they’re paying several thousand dollars or double digits for a product. Design, thought, care and attitude are important to her in terms of what she offers customers. In 1999, her sense of social susceptibility was clearly indicated when she turned a Miami Beach, Florida fashion show into a fund raiser for two AIDS organizations.