Mini-Case 9-1: Customers: Key to Success

question 80

Essay

Mini-Case 9-1: Customers: Key to Success
Lloyd Dixon has owned and operated a small dress shop for the past three years. Each fashion season, Lloyd attends the apparel shows and he is always very impressed by the glamour and the hundreds of different manufacturers, all with the merchandise that they say will be this season's biggest sellers. Lloyd caters to an older market and baby boomers. He hopes to tap into the upscale market.
After his first year of operation, Lloyd recognized that some of his merchandise was not selling. The "inventory close-out sale" did rescue his investment in this merchandise but did not make him a profit or contribute much to his overhead. Lloyd knew that it was not reasonable to expect to sell everything you bought, but he was not sure exactly how much of his inventory was comprised of slow movers. Lloyd believed that when he went into business he knew what women wanted in dresses. He had always prided himself on having good taste. When he had the opportunity to open this store, he was confident that he could choose merchandise that would be well received. In the first three years of operations, sales have not met Lloyd's expectations.
-Faith Popcorn offers several ways Lloyd Dixon could collect information about his customers and competitors. Explain at least five of those ways.

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Definitions:

Self-confidence

A person's belief in their own abilities, qualities, and judgment, fostering a positive view of oneself.

Self-efficacy

A person's confidence in their capability to achieve success in particular scenarios or complete a given task.

Self-image

The mental picture one forms about oneself, encompassing beliefs, attitudes, and perceptions about personal ability and appearance.

Self-serving Bias

The tendency to attribute positive events to one's own character but attribute negative events to external factors.