Even the show's aim is to provide industrial information usually considered unimportant and dull by a proportion of viewers. I believe the messages given during the video could be taken in a personal perspective, even if someone is not keen on business studies, and realizing, as Mr. Mike Muxworty did, that the world constantly changes and keeping the same old attitude towards new, different situations and people will ultimately be abolished from your surrounding environment.
For instance, today on 20th of January 2017, the most beloved, sociable, funny, with full awareness about common daily lifestyle president of United States, Barack Obama, is replaced by Donald Trump, an individual who criticizes people only by their appearance and gives value only to the business world. However, the world, apart from his voters, consider these two areas overestimated and "banal", how feasible is for him to survive in this new society when he just does not fit in? He does not even fit in the business world where he gives importance, 67% of companies in United States have adopted a Corporate Social Responsible culture by giving importance to all the living beings.
Is the same situation for Herford's shareholders, who ultimately realized the importance of listening to stakeholders and regardless the validity of their decisions they have to accept those errors identified and to overcome them for the majority's benefit and mainly for their own benefit. This medium size company dealt with the high competitiveness, many companies have preferred to establish their business in England to have access to the rest of European countries, free trade. If Brexit takes place most of these companies will re-establish their offices to another Schengen country meaning the competition within English market will be decrease and Herford might increase its financial performance but if ever decides to expand its market to other countries probably will have to face some barriers.
The negative financial performance, even the demand for furniture was high, was due to the lack of "Heuristic Managerial Judgement", none of the management group has worked to another business under same circumstances before. As a result, no one was able not to identify which the problem was, obviously is not possible a medium size company to be occupied under three different fields, it is preferable for them to be occupied with one field and acquire loyal customers.
The "Buy Me" effect on customers is the one which promote the success within a business, it has to build its own, catchy brand name for an outstanding entrance which sell something different in a competitive market, and for one more time I will consider this as a life quote.
Paulo Coelho said, "You are someone who is different, but who wants to be the same as everyone else. And that in my view is a serious illness.", I guess it works the same for individuals and businesses as well.
