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9 If you sell custom-made roll-top desks, like
9 Charlie, you donʼt have to carry any inventory of
• finished goods, just floor samples. You can
order supplies when you need them and charge
S as much as the traffic will bear. If you sell jewE elry, like Guy, one or two of a kind will do. Since
P
T you can always size a ring, your customers will
E be more attracted by a large variety. If you are
M in the grocery business, you need fully stocked
B shelves so that customers will find everything
E
R they need, every time they come into your
2 place of business,
0 or they will have
1 to go elsewhere.
4 In clothing retail,
you need a variety of styles as
well as sizes at
the beginning of
each selling season. You need a big selection
so that as sizes and styles start to sell out, customers have plenty to choose from until the
next seasonʼs merchandise arrives. When the
selection is very thin, and the new inventory is
due to arrive soon, itʼs time for clearance sales.
As you can see, experience in oneʼs profession
will give you a head start when you buy inventory and set prices. It will take a year or two on
your own before you have records upon which
to base such decisions. Generally speaking, if
you cater to immediate needs (“real need”) you
have to have an ample inventory at the “best”
price. If you cater to “perceived needs,” a wide
variety of ever-changing merchandise will attract customers. Your prices will depend on
your costs of doing business and the quality
and service you offer.
continued..
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