Introduction
Michael Kors is a global fashion company specializing in luxury products. The company was founded in 1981 by the company’s namesake Michael Kors who is a fashion designer (Michael Kors 2016). In its 35 years of existence, Michael Kors mission has been to deliver luxury lifestyle to men and women around the world, while its vision has been to supply lifestyle products that embrace quality, creativity, and technology. The company is headquartered in New York and has operations in cities such as Paris, London, Beverly Hills, Chicago, Munich, Dubai, and Tokyo (Michael Kors 2016). The stated foreign locations outside of the US form the brand’s key overseas market. Michael Kors global accessories include men and women’s apparel, sportswear, …show more content…
Solomon (2007) defines corporate governance as the practice of supervision and regulation meant to guarantee that the firm’s management actions align with the interests of the stakeholders. There are three core elements of corporate governance, namely transparency, accountability, and participation. According to Weiss and Steiner (2006) transparency entails making all information easily accessible to all stakeholders and relaying the information in a comprehensible manner. Accountability on the other hand means being responsible for the actions, decisions, and information transmitted to the public, while participation is about involving each stakeholder (customers, employees, suppliers) in matters to do with the company such as decision making and the electioneering process (Weiss & Steiner 2006). These three elements are interrelated given that transparency of information and participation of all stakeholders lead to accountability. When it comes to participation, stakeholders can directly participate in the issues of the company or have chosen representatives doing the …show more content…
The company can also hire skilled individuals to work for the company. To achieve the benefits of suitable marketing and skilled workers, Michael Kors needs to analyse its target market needs and produce products based on those needs. Michael Kors target market comprises of men and women below the age of 40 years (Butler-Young 2016). The differentiation marketing approach makes the company design campaigns that appeal to its target market. For instance, marketing on social media platforms is a suitable approach as the sites are popular among the youth. Also, producing goods whose design, colour, and quality appeal to the target group. Hiring skilled workers is essential to the success of a company because of efficiency and creative thinking that such workers provide. Skilled workers have necessary training, knowledge, and experience needed to produce original and quality
Michael Kors is a global fashion company specializing in luxury products. The company was founded in 1981 by the company’s namesake Michael Kors who is a fashion designer (Michael Kors 2016). In its 35 years of existence, Michael Kors mission has been to deliver luxury lifestyle to men and women around the world, while its vision has been to supply lifestyle products that embrace quality, creativity, and technology. The company is headquartered in New York and has operations in cities such as Paris, London, Beverly Hills, Chicago, Munich, Dubai, and Tokyo (Michael Kors 2016). The stated foreign locations outside of the US form the brand’s key overseas market. Michael Kors global accessories include men and women’s apparel, sportswear, …show more content…
Solomon (2007) defines corporate governance as the practice of supervision and regulation meant to guarantee that the firm’s management actions align with the interests of the stakeholders. There are three core elements of corporate governance, namely transparency, accountability, and participation. According to Weiss and Steiner (2006) transparency entails making all information easily accessible to all stakeholders and relaying the information in a comprehensible manner. Accountability on the other hand means being responsible for the actions, decisions, and information transmitted to the public, while participation is about involving each stakeholder (customers, employees, suppliers) in matters to do with the company such as decision making and the electioneering process (Weiss & Steiner 2006). These three elements are interrelated given that transparency of information and participation of all stakeholders lead to accountability. When it comes to participation, stakeholders can directly participate in the issues of the company or have chosen representatives doing the …show more content…
The company can also hire skilled individuals to work for the company. To achieve the benefits of suitable marketing and skilled workers, Michael Kors needs to analyse its target market needs and produce products based on those needs. Michael Kors target market comprises of men and women below the age of 40 years (Butler-Young 2016). The differentiation marketing approach makes the company design campaigns that appeal to its target market. For instance, marketing on social media platforms is a suitable approach as the sites are popular among the youth. Also, producing goods whose design, colour, and quality appeal to the target group. Hiring skilled workers is essential to the success of a company because of efficiency and creative thinking that such workers provide. Skilled workers have necessary training, knowledge, and experience needed to produce original and quality