Business Myths Case Study Example | Topics and Well Written Essays - 500 words

Business Myths - Case Study Example â€Å"Hey, this meal is fantastic! You should start a restaurant!† This is a myth. Starting a restaurant requires various skills other than being a good cook 5. I’ll just open my store, and people will stream in off the sidewalks and buy from me. This is also known as the â€Å"If you build it, they will come† approach to business. Accessibility does not guarantee success in business. Customer may try it out but will not return if the product or service is poor. 6. It’s a cool idea. Everyone will love this. Often focus groups provide such input to marketers—we love the idea. Focus groups gives an indication of how the market will receive the product in the market given their past experiences and knowledge. But again, not a guarantee that such will succeed in the market. 9. Failure is bad. Failure is the opposite of success. This is why dodge ball has been banned in schools and soccer teams are penalized if they get more than five goals ahead of their competitors. The examples are Myth. But the statement that failure is bad is correct. Taken as a whole, this is a myth. 11. Cash flow is what really matters in business. Profit can just be a trick of accounting whereas cash flow controls whether you can stay in business. Many companies go out of business due to cash flow challenges, even though they were profitable on paper. Myth. While cash flow is important to keep the business running, it is not everything. Business also needs to invest and there are expenditures that do not immediately affect cash flow. 12. Having more customers is better than having fewer customers. Would you believe that some companies go out of business because they have too many customers or too much demand for their product? False. Customers are never too much. They are the very reason why a business exists. B. Is it true that: YOU CAN WIN CUSTOMERS JUST by LOWERING YOUR PRICES? Explain. No. Price is just one of the components in attracting