Managerial economics individual work week 12 Essay

Managerial economics individual work week 12 - Essay Example However, saying that you will open a given type of business because you are good in one thing would be a myth. That is because they do not always lead to successful ventures as other factors such as demand, opportunities and resources also affect performance of the venture. It is a myth to say that the customer is always right. In as much as the customer may be right in how he or she feels, they are usually wrong on many occasions. Businesses just use the statement to bend to the customer’s demands. However, the best approach would be to win the customer over and try to convince them to make a purchase. Thinking that you can open a store, and people will walk, is a thought founded on a myth. For customers to visit a shop, they must first be aware of its existence. Therefore, one needs to create this awareness through marketing or advertising. Also, customers do not just walk in unless you have what they need. Coming up with an idea and concluding that everyone will love it forms a myth. An idea may be great, but not everyone will love it. An idea will succeed if it meets the needs of people and also if the timing is good. Everyone loves quality. However, it would be a myth to say that quality guarantees success. That is because apart from quality, success also requires other factors such as a good marketing strategy, pricing strategy and even good customer relations. It is a myth to say that more people increase the speed of a project. On the contrary, more people may slow down the project. A large number slows down decision making as there is need to consult every time. Also, there may be conflicts during execution as the people may have different ideas of how to carry out the execution. To say failure is bad would propagate a myth. Failure is not the opposite of success. In fact, it is one step towards success. Failure helps us learn our weaknesses and mistakes. It makes us reflect on our decisions that led to the failure. One can,