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Need to buy a hookah link Source global Wall Street Journal     time 2021-09-24 16:39:31
Typefacelarge in Small

Good management is going to start listening to the ideas of these line soldiers, pooling these ideas anddisseminating them around their organizations so people can act on them. That's the way the successfulcompanies out there already are doing it: the 3M's, the Hewlett-Packards, the G.E.s, the Wal-Marts.

1974 78 $ 168 million1976 125 $ 340 million1978 195 $ 678 million1980 276 $ 1.2 billionIn the early seventies, we had formed this cooperative research group among some of us discountersmostly regionalswho didn't compete with one another. Comparing notes with them made me realizejust what an amazing performance Wal-Mart was turning in. I remember they were just astonished. Theycould not believe we could be establishing the number of stores that we were. We would be putting infifty stores a year, when most of our group would be trying to start three, four, five, or six a year. Italways confounded them. They would always ask, "How do you do it There's no way you can be doingthat."But wewere doing it. We just stayed on top of it, and, along with increasing our sales, we increased ourprofitabilityfrom .2 million in 1970, to million in 1980. On paper, we really had no right to dowhat we did. We were all pounding sand, and stretching our people and our talents to the absolutemaximum. And don't get me wrong: I'm not saying we didn't have our share of growing pains.

At the very beginning, I went along and ran my store by their book because I really didn't know anybetter. But it didn't take me long to start experimenting that's just the way I am and always have been.

Here's the simple lesson we learnedwhich others were learning at the same time and which eventuallychanged the way retailers sell and customers buy all across America: say I bought an item for 80 cents. Ifound that by pricing it at .00 I could sell three times more of it than by pricing it at .20. I mightmake only half the profit per item, but because I was selling three times as many, the overall profit wasmuch greater. Simple enough. But this is really the essence of discounting: by cutting your price, you canboost your sales to a point where you earn far more at the cheaper retail price than you would have byselling the item at the higher price. In retailer language, you can lower your markup but earn morebecause of the increased volume.

"When a penny is lying out there on the street, how many people would go out there and pick it up I'llbet I would. And I know Sam would."STEPHEN PUMPHREY, PHOTOGRAPHER:


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