Myth#1-Employees are interchangeable There are several leaders who believe that employees are easily replaceable. A company runs on collective efforts and a minor change in these efforts can have a huge impact on a business. It requires lot of effort, sacrifice and patience to create a capable team of employees. It is thus, important to nurture this team and earn the best out of them. Myth#2- Product Life Cycle is a waste of time
Leaders who develop business strategies consider product life cycle important but regard it as a waste of time. In fact if you trace the product life cycle you actually get to know where you stand and what kind of efforts you need to put to excel. This will help you to work in the right direction and gain effective results for your firm. Myth#3- Brand is not a competitive advantage In today’s world, brand is one of the most essential assets of a company, employees and its customers. A well-built brand image gives you the leverage to charge premium prices and earn good profits. One can notice the emergence of several new brands and unexpected crashes of good brands. This indicates that brands play a vital role for businesses. Therefore, a company should give key importance to branding and put constant efforts to enhance that image. Lastly, it is important to carry out proper research before you plan and execute any of your strategies.
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