Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Welcome to Hudson Jewelers, the Naples, Florida jewelry store attendant said with a smile. Im Bill; let me know if I can answer any questions

"Welcome to Hudson Jewelers, the Naples, Florida jewelry store attendant said with a smile. Im Bill; let me know if I can answer any questions you may have. Im browsing with my fianc, the customer responded. Oh! So, you two are getting married. Congratulations! Whats your name? as Bill extends his hand to shake hands. My name is Lilly and this is my husband to-be, Lester. Well, if you need my help, please let me know, Mr. Hudson said as he walked behind the counter at about 1:30 pm. Would you like a glass of wine while you browse? Mr. Hudson asked. No, thank you, as Lester noticed for the first time a small wine rack and comfortable leather chairs in the back corner of the store. Lilly and Lester continued looking at engagement rings, as Bill gave them space. After about ten minutes, Lester asked Mr. Hudson, I noticed your big high-definition television with that beautiful wedding ring rotating. What is this? It is a 3D software system that allows you to co-design your own ring. You can pick out the diamond(s) and mount them on any ring you want. Once the entire ring is finalized our manufacturer will produce it. Can we sit down and see how it works? Lilly asked Mr. Hudson. The three of them began to design a prototype ring, with Mr. Hudson answering questions. Mr. Hudson and Lilly were beginning to establish a friendly relationship based on trust. All of the ring designs could be stored on the computer for future reference. A diamond became a symbol of social status and wealth in India about 3,000 years ago. De Beers, a diamond mining and production company, began to market diamonds in the 1900s with slogans like A diamond is a girls best friend, and A diamond is forever. De Beerss advertisements promoted the idea that those who do not buy diamond jewelry must not love their partners as much as those who do. One modern De Beers ad states, She already knows you love her. Now everyone else will, too. A century of advertising and branding, and billons of dollars in industry advertisements, has made a diamond a symbol of eternal love. While Mr. Hudson and Lilly exchanged ideas about alternative ring designs, Lester asked Mr. Hudsons daughter, Jasime, what was the time. Its 3 pm, Jasime replied. Whew! I need a break, Lester responded as he stood up from his chair. Everyone laughed at Lesters comment as the clock kept ticking. OK, Ill hurry, Lilly said as she glanced at Lester. Lester walked around the store for a few minutes and then sat back down to reenter the design your own ring conversation. By 4 pm everyone was exhausted after discussing an array of ring design questions, answers, and what ifs. However, Lester and Mr. Hudson now had a much better idea of what Lilly wanted in an engagement ring. Jasime had been listening to the three-way discussion but decided not to join the conversation at this time. Two ring designs were stored on the computer. Ill have my daughter Jasime work on these designs, Mr. Hudson said. I am good with the software but my daughter is the CAD expert. She will call our diamond and ring dealers and make sure what we have designed can be manufactured at your target price, Mr. Hudson continued. Mr. Hudson, Lester asked as he was walking toward the door, Is your inventory lower because of this custom design capability? Mr. Hudson replied with a positive nod, Yes, definitely. It is a high-risk business to stock lots of diamonds and jewelry at the store. With the 3D/CAD system, I think we do a better job of matching our physical inventory to customer needs and trends. We have less security, loan, and insurance risk using CAD. We also see new trends that our customers may want using CAD. And the customers seem to enjoy designing their own unique jewelry. Exhibit 1.1 provides example customer comments during one month.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Introductory Accounting A Measurement Approach For Managers

Authors: Daniel P. Tinkelman

1st Edition

9781138956216

More Books

Students also viewed these Accounting questions