Selling a product at or below profit margins to get shoppers in the door—a so-called loss leader—is a retail strategy as old as Thanksgiving turkeys. This week, Costco chief financial officer Richard Galanti was asked a deep, open-ended question in an earnings call with analysts. “What is your philosophy on chickens?” asked
Good customer service is the lifeblood of any business. You can offer promotions and slash prices to bring in as many new customers as you want, but unless you can get some of those customers to come back, your business won't be profitable for long. If you're a good salesperson, you can sell anything to
As a seller of accessories and paraphernalia, we’ve noticed the Pareto Principle or better known as the “80-20 Rule” applies to many of the retailers we visit. Named after Italian Economist, Vilfredo Pareto, he showed that approximately 80% of the land in Italy was owned by 20% of the population.
Buying products with the rare, “Made in the USA” sticker comes with unspoken assumptions about the products themselves. That label reassures consumers that a higher price implies lasting quality and the brand’s awareness of corporate responsibility, but what does this label truly suggest? While we think we are buying products
In an infant industry such as the cannabis industry, many owners and managers will agree that HR is their number one pain point. Finding professional minded people with relevant knowledge and experience is seemingly impossible while turnover rates are ridiculously high. At the end of the day, these HR issues