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Strategy Myths - Essay Example

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Some of the statements are myths while others are true. According to the first statement, to be successful you have to be first. This statement is a myth since business success depends on the ability to attain a competitive edge and satisfy the changing needs of the…
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Strategy Myths
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Strategy Myths

Download file to see previous pages... e the demand of a product depends on many variables and ability that determine its ability to satisfy the customer needs (Stonehouse & Houston, 2012). For instance, the product design, product benefits, product quality and distribution strategies will affect the ability to attain success in the market. The success depends on product value to customers and not the price (Graham, 2005).
3. The third statement states that ‘I am a good cook so I should start a restaurant’. This is a myth because venturing in to any market requires careful scanning of the environment to identify the demand for the services, the resources available and competitive strength of the businessperson. In this case, management of the restaurant will require planning, resource allocation, and controlling the employees (Graham, 2005).
4. ‘The customer is always right’. This statement is true because customers complain for numerous reasons (Graham, 2005). The organisation must appreciate the customer complaints and use such information in improving the quality of the product and services. Customers complain for genuine reasons such as defective products, poor product quality, poor after sale services of poor customer relationships management in the organisation (Graham, 2005).
5. ‘I’ll just open my store, and people will stream in off the sidewalks and buy from me’. This is a strategy myth since consumer-buying demand is determined by several factors such as cultural factors, personal factors and psychological factors. Accordingly, the place of distribution must create customer convenience and conform to customer personality and attitudes (Graham, 2005).
6. ‘It’s a cool idea. Everyone will love this’. This is a strategy myth since reference groups like immediate family members, relatives, and social status in the society influences the consumer-purchasing pattern. Consumers seek to fulfill their psychological needs, love and belonging needs and self-esteem (Stonehouse & ...Download file to see next pagesRead More
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