Marketing Myopia
OSRA 2
September 8 2013
Marketing Myopia 1. The author doesn’t believe in the concept of a growth industry. Leavitt describes every so called growth industry as a “self-deceiving cycle of bountiful expansion and undetected decay.” The four conditions which make up this cycle are reasons companies should continue to invest in product innovation and development. * The population myth is a belief that as more consumers enter the market, there is a greater opportunity for sustained profits. * The idea of indispensability is an ill-conceived notion that there are no substantial substitutes for an industry’s main product. * The temptation to focus resources on mass production at the expense of marketing is fueled by the desire to minimize unit costs. * Industries which are solely focused on their own specific products are unable to adapt to changes in consumer trends. This leads to obsolescence. 2. The idea of maximizing profits by cutting product costs makes sense for short term planning. However, companies that choose not to invest in new ways to satisfy consumer needs will inevitably fail. This is because the basic premise behind industries is the concept of customer satisfaction. A firm becomes a victim to discontinuous innovation when competitors master this concept and create new products. A firm can avoid this form of victimization by continually monitoring their markets and directing resources toward keeping consumers engaged.
Dimensions of brand personality
1. According to the article, the creation of brand personalities give consumers the ability to relate to products on a deeper level. Anthropomorphization and personification are two of the main methods used by marketers. The goal is to get consumers to view brands in the same light as historical figures and celebrities. In my opinion, this is an excellent technique because a personified brand can symbolically grow with consumers through various stages of life.
2. A
September 8 2013
Marketing Myopia 1. The author doesn’t believe in the concept of a growth industry. Leavitt describes every so called growth industry as a “self-deceiving cycle of bountiful expansion and undetected decay.” The four conditions which make up this cycle are reasons companies should continue to invest in product innovation and development. * The population myth is a belief that as more consumers enter the market, there is a greater opportunity for sustained profits. * The idea of indispensability is an ill-conceived notion that there are no substantial substitutes for an industry’s main product. * The temptation to focus resources on mass production at the expense of marketing is fueled by the desire to minimize unit costs. * Industries which are solely focused on their own specific products are unable to adapt to changes in consumer trends. This leads to obsolescence. 2. The idea of maximizing profits by cutting product costs makes sense for short term planning. However, companies that choose not to invest in new ways to satisfy consumer needs will inevitably fail. This is because the basic premise behind industries is the concept of customer satisfaction. A firm becomes a victim to discontinuous innovation when competitors master this concept and create new products. A firm can avoid this form of victimization by continually monitoring their markets and directing resources toward keeping consumers engaged.
Dimensions of brand personality
1. According to the article, the creation of brand personalities give consumers the ability to relate to products on a deeper level. Anthropomorphization and personification are two of the main methods used by marketers. The goal is to get consumers to view brands in the same light as historical figures and celebrities. In my opinion, this is an excellent technique because a personified brand can symbolically grow with consumers through various stages of life.
2. A