Famously, J.C. Penney is used as a case study in failure. They attempted to get a new market by no longer lying about everything being on sale all the time and instead just post the real price. They wanted to become more like Walmart, but the pain of losing their small core of idiots who think something that's always on sale for 90% off is actually on sale was too much to bear so they went back to catering to them. That worked so well that they went bankrupt in 2020.
I think executives look at the above story and mistake the transitional pain for an actual lesson. The lesson is don't base your business around being shady liars because you'll have to fight to win people's trust back.
I think executives look at the above story and mistake the transitional pain for an actual lesson. The lesson is don't base your business around being shady liars because you'll have to fight to win people's trust back.
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