Classwork for Module 5 in Managerial Economics

Write a 100-word essay to give your insight on the cliché “The customer is always right.”

Customers are like blood to a business. The absence of customers makes it unable for
them to survive in this competition. "The customer is always right" is an instructive
phrase that encourages those working with the public to make customer loyalty a top
priority. It's a good business ethic to always have the customer right. This code of
conduct should reflect the core of the company, which should include love and
commitment to its clients. Furthermore, every customer matter. Customer service
experiences are one of the most important factors of customer loyalty and loss. The best
way to maintain business relations is to encourage the customer to be correct in the
middle of conflicts

Fill in the blank circles by identifying the rivals, new entrants, suppliers, customers, and
substitutes of your chosen business firm. You may construct a bigger diagram if you wish to.

RIVALS
 Ford
 Volkswagen
 Toyota
 Hyundai

Target Customers of
Honda are the low LOW threat from new entrants in
automotive industry. For any
middle-income level to
brand to enter the automotive
high income level group industry, it will require very large
who are looking for financial investment for the
automobiles or vehicles infrastructure, supply,
whether two-wheeled or distribution network, technology
four-wheeled. and a highly skilled workforce
HONDA
MOTOR
COMPANY
SUPPLIERS
f) Cheaper alternatives from a) Alpha Omega Solutions,
other brands Inc.
g) Public Transport vehicles b) Altura Associates, Inc.
h) Threats to brand image, c) Atlantic Container Line AB
marketing capabilities, or d) BI Worldwide
customer trust ad loyalty e) Brando, Inc.