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 o...