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Every day, I get to speak to quite a few small business men (women) in
various industries. All these interactions in various industries help me
to hone my perceptions so I can help people in other industries. The
challenges are almost always transportable from one industry to another.
The interesting thing is that when a business has already decided to be the
low price leader, they have gone to the point of last refuge.
And usually at that point I cant help them. Once they decide to be that
low price leader across the board, they cut back on service,
hours, product innovation,old and new media and are relying on good old
fashioned greed, "They'll come in because I have the lowest price and
everybody wants the lowest price."
As I pack my bag to leave and respectfully tell them I really cannot help
them, they always ask "why?' My answer is always the same.
"Ask Ames, Bradlees, Caldors, G.C. Murphy, J.J. McRory, Montgomery Wards,
Woolworths, E.J. Korvettes, Valu-Mart, and KB Toys just to name a few. All
low price retailers. And all out of business. The low price position kills.
It is the sword of Damocles that hangs over your head."
Use it at your own risk.
Thank You for reading this. What do you think? What are your comments?
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Good luck and good hunting.