Two Heads are better than One

In Dongdaemun market, wholesalers have a large portion of the market in terms of the number of stores and sales volume. Therefore, we can be said that Dongdaemun market has the characteristics of a marketplace managed by wholesalers. 

The wholesalers have made quite a lot of money in the market by doing business with domestic and foreign fashion retailers and buyers for a long time. At one time, they achieved great management performance that were widely praised as the so-called Dongdaemun myth.

Unfortunately, however, the current situation in the Dongdaemun market, facing the catastrophe of the COVID-19 pandemic, is still not getting better. In this crisis, they have a lot on their plate. Professor at Harvard Business School, Theodore Levitt seems to be pointing out implicitly what Dongdaemun merchants should do first. 

“The true purpose of a business is to create and keep a customer, not to make you money.” +

In a word, he explained the logic that emphasized the importance of partnerships with customers in doing commerce. Someone said that if it’s not 100% customer satisfaction, everyone has to change their trading practices. 

As with this discussion, Dongdaemun wholesalers should understand the desires of fashion retailers and buyers at home and abroad and help them make more money. The customer’s desire is a long word, but it is definitely correct.

“Customers today want the very most and the very best for the very least amount of money, and on the best terms. Only the individuals and companies that provide absolutely excellent products and services at absolutely excellent prices will survive.” ++

Dongdaemun wholesalers set their management goal to enable customers such as domestic and foreign retailers and buyers to purchase better fashion designer products at a lower price and to make a lot of money through the retailing. 

Of course, domestic and foreign fashion retailers and buyers should also understand the wants and needs of consumers as a customer.

 

-Some of the popular Dongdaemun fashion items we exported last week, seoulclick.com- 


 Now, we need to rethink Walmart’s management philosophy, which became the driving force for sustaining good management according to an American industrial hero, Sam Walton’s entrepreneurship.

 “If we work together, we’ll lower the cost of living for everyone...we’ll give the world an opportunity to see what it’s like to save and have a better life.” +++

To solve this discussion, it is the logic that Dongdaemun wholesalers, together with domestic and foreign fashion retailers and buyers, should satisfy the needs of consumers and make them happier. There is an American proverb.

“Two heads are better than one.”

Similar to this proverb, Koreans said that even a piece of light paper is lighter when two people lift it together. 

The business of retailers, trading partners of Dongdaemun wholesalers, is fundamentally in merchandising small quantities of fashion products. And, since fashion consumers have different preferences, retailers must satisfy their wants and needs through merchandising with a variety of products. Moreover, retailers have to merchandising and assorting of fashion products according to consumer preferences that change rapidly with trends.

Fortunately, Dongdaemun wholesalers will be able to sell better fashion products at a lower price thanks to the supply-side partnership, further inducing consumption demand from global fashion consumers.

In addition, Dongdaemun wholesalers will continue to achieve even great management performance if they continue to understand and help each other with retailers and buyers as demand side.

People often understand the true meaning of TEAM as “Together everyone achieves more.” This is widely acceptable. Not only that, but this proverb on the other side is also correct.

“Company in distress makes distress less.”

+ Johnnie L. Roberts, The Big Book of Business Quotations, Skyhorse Publishing, 2016, p.104.

++ Brian Tracy, author (from his book What You’re Really Worth: Maximize Your Income at Any Time in Any Market, 2010.), Johnnie L. Roberts, The Big… p. 88.

+++ www.walmart.com.

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+ Johnnie L. Roberts, The Big Book of Business Quotations, Skyhorse Publishing, 2016, p.104.

++ Brian Tracy, author (from his book What You’re Really Worth: Maximize Your Income at Any Time in Any Market, 2010.), Johnnie L. Roberts, The Big… p. 88.

+++ www.walmart.com.

<39>


Bong Sul (Advisor, SeoulClick)

www.seoulclick.com


 Read more: Bong (Bong Sik) Sul, Dongdaemun Style, ebook.kstudy.com, Seoul, 2019.

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