Week 1 EOC: How To Make It In America

What did they do right?
Some of the things that the 2 characters did right were: they stayed determine and were always looking ahead into the future at a bigger picture. Although they were in some tough times they were always trying to stay positive and not give up. They may not have been the most authentic throughout the episode but they tried their best to relate to their customers and sell whatever it was that they were selling. After they were about to pay back the money they borrowed they asked for another loan, which was probably not the best idea but they had a strong feeling that they could make a lot more profit and pay the loan back. They were always looking for bigger and better opportunities which is always good. They weren’t doing good with where they were at so they found something else that they could possibly succeed at so they went for it.

What did they do wrong?
One of the first things that they did wrong was that they didn’t find a demand for their skateboards. They invested a ton of money in making skateboards but they didn’t think about whom their target market was and if people would even buy their product.
The second thing that they did wrong was that they borrowed money from the wrong people. This is always a terrible idea; you never want to be involved with situations like this especially when you don’t know if you can pay the money back.
The third thing that they did wrong was that they bought leather jackets and sold them on the street. Although they were making their money back it’s always risky to sell counterfeit items on the street without getting caught. They did eventually get caught without having a license to sell, but they worst part was that one of them ran away when they got caught.

How do you make it in retail in America?

It is hard to make it anywhere in the retail business but some of the key things that you should never forget are: customer service, authenticity, quality, branding, and target market.

Customer service is the most important thing in order to make it in the retail world. Always keep a great relationship with your customers, because if you don’t you won’t have anyone to sell your product to. Only keep promises that you know that you can keep. Also let your customers know that you care about them and not just their business.

Always stay authentic and have good quality products. You want to keep a great reputation not only with your customers but also with your community. Never be fake to sell your products and you always want to have the best quality for your customers so that they will keep coming back. It may be expensive but it will definitely be worth it in the long run. You should also learn to define what your brand is. Branding will help your customers relate to your business and feel more comfortable shopping with you. “So what is the difference between a product and a brand? Basically, a product (or service) is the thing that you buy and use. The brand is the promise of something. That something is intangible; it could be a guarantee of quality, a sense of prestige, or of heritage. Brands also offer a differentiating factor that makes it easier to choose between the many competing product variants.” (Davis, M., and Baldwin, J. (2006) More Than a Name: An Introduction to Branding. Page 16)

The last thing that you should always think about is who your target market is. Before you open a business or start production you need to figure out whom you want to sell your product to and if there is any demand for that product. You don’t want to invest all of your money into a business that will end up struggling and eventually failing.