ADM 1100 Introduction to Business Management PDF

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Introduction to Business Management and Administration. Give students the basic knowledge and skills to venture into the world of trade....

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About VF Corporation was established by John Bradley and a group of investors in the fall of 1899. The company was first named as Reading Glove and Mitten Manufacturing Company. Over the course of time, the company expanded into silk lingerie in the early 90s and acquired several popular brands such as Lee which specialized in clothing. After several name changes, the company decided to be named as VF corporations to reflect its increasingly diverse product line. VF Corp started with an initial capital of $11,000 with a $60 per month lease. After almost 20 years of opening, the company shifted its focus to manufacturing undergarments. It later became public when shares were first sold in 1951. The company then further acquired brands such as JanSport, Wranger and RedKap in the late 1980s. Several years later, VF Corp became one of the top parent companies in the fashion industry, acquiring top brands such as Vans, The North Face, Timberlands and Kipling. With over 50,000 employees working as of 2019, the company has been able to garner a total revenue of 10.5 billion U.S. dollars worldwide, in 2020. A perpetually driven culture and focus on constant motivation as their mission statement, VF Corp aims to combine the subjects of art and science to create exciting products for their consumers and gain their trust and loyalty. By creating an environment that is driven by ideas, energy, and commitment of the employees, VF Corp houses numerous consumers and employees that are willing to work for the company and maximize its potential. The company provides employee discounts, learning and developmental opportunities and tuition assistance for its employees, encouraging individual growth and overall growth of the company. With a keen interest in sustainability and a sense of responsibility towards the global community, VF Corp attracts young people who are interested in investing in products that are environmentally friendly. Background In sociological terms, Culture is defined as a set of shared attitudes, values, goals, and practices that characterizes an institution or organization. In order to function effectively, it is necessary to function cumulatively as one unit. In a business organization, it is important to have a certain set of principles and discipline, so that each and every unit can work towards one vision. Therefore, it is safe to say that every organization has its own work culture. Work culture of a company determines, the roles and responsibilities of the employees and the way one colleague interacts with another and how work is communicated between different departments of the sector. In a company, culture becomes the deciding factor of the norms and abnormalities in the workplace. It decides how issues are tackled and the ways the employees approach business. The work culture determines the wellbeing of a healthy social and psychological environment of the organization. While our cultural background is something, we are accustomed to, more so for the fact that every individual in the community have shared ideas, our work culture is slightly different. In a place of work, there are people of various ethnic, religious, gender and cultural backgrounds.

Therefore, a workplace is generally multicultural. Multiculturalism is in fact an important factor in a workplace. It brings out more innovative ideas for the betterment of the organization and provides equal opportunity to people of all sectors. The diversity in an organization creates a stronger sense of solidarity for the attainment of the common goals set by the company brings them together. People from different cultural backgrounds bring different problem-solving ideas. People from different experiences have a different approach towards life. Productivity increases when multiple perspectives are introduced into the scenario. Another benefit of diversity in an organization is that it helps the company to become a global network at a faster rate. Business is personal, if an organization knows its clientele and their customs it is more likely to create much lasting impression, creating a prosperous professional relationship. For customer service as well, having a diverse group of employees can be of help as better service can be provided with an in-depth knowledge of the actual problem. Hiring a diverse group of candidate makes the organization look more appealing on a global level. Just like in the case of cosmetics, introducing a varied range of skin tones will help garner more consumers. The inclusivity will cause the public to trust the brand as it prioritizes people from all ethnic backgrounds. Simultaneously, there can be a few drawbacks to diversity in an organization. As much as it helps break language barriers, it can also create language barriers among employees. A custom from one culture might be rude or disrespectful in another. In order to communicate to an international customer, organizations recruit bilingual or multilingual employees which increases their cost. Therefore, unless effective communication is achieved, workplace diversity can be a problem. Negative cultural stereotypes can lead to team members working alone and feel alienated which reduces productivity. Integration among the employees reduces which has a direct effect on the morale and productivity of the workforce. Therefore, it is essential for the employees to keep an open mind towards the cultural and psychological differences in the workplace....