A managing director of a large company made the following statement: "To be successful in business, all you need is a customer. You don't need any of those tight little academic concepts of how to manage. You don't even need to solve all your problems or to be efficient. All you need is tofind out what you do right for the customer you have already got and do more of it, with explanation. " Assess the validity of this statement.

Hints- Retaining Customer Vs Attracting Customer