1. How successful has L.L. Bean been?
L.L. Bean Inc. has been tremendously successful throughout the course of its business operations. The business was first created in 1912 by L.L. Bean with only $400, the business has managed to expand to $120 in sales by the year 1980. As well, within the market for outdoors equipment and apparel, L.L. Bean is the leading company that has the highest amount of sales.
2. What are the reasons for L.L. Bean’s success?
L.L. Bean’s success is rooted in its entrepreneur/founder’s passion towards providing customers with quality outdoors equipment and apparel. Furthermore, L.L. Bean’s dedication in providing customers with superior services also contributes to the company’s ability in retaining customers and attracting new customers. In addition, L.L. Bean was able to withstand the new issues that were associated with the rapid growth after the company’s entrepreneurial phase (ie. problems concerned with inventory management, use of retail stores, increased company personnel, etc.). As well, L.L. Bean utilized the new technologies that were emerging in order to make business operations more efficient (ie. computerization of inventory, acceptance of credit cards, data processing programs, computerized etc.). Finally, L.L. Bean was able to build upon the founder’s success by retaining the unique character and tradition of L.L. Bean.
3. What is happening to the business, both positively and negatively?
Currently, the business is acquiring greater sales due to its customer acquisition program combined with other marketing efforts (i.e. increase in catalogue circulation, more advertisements). As well, the company is utilizing new technologies to improve its inventory system, its data processing programs, and its order system. This allows the company to provide customers with accurate and efficient services. Furthermore, the company provides its employees with many attractive benefits,