Summary Marketing Myopia
This article provides basis for how to ensure continuous growth of a company. It also explains the misconception that marketing and selling a product is same thing. In actual both are different in spirit. Selling the product focuses on need of the seller and converting it into cash. While marketing is customer oriented it deals with satisfying the needs of the customers by means of product and the whole cluster of things associated with creating, delivering and finally consuming it. Marketing minded firms tries to create value satisfying goods and services that consumer will want to buy. Now sustained growth is dependent on how broadly you define your industry and how carefully you gauge your customer’s needs. Many giant companies of past now doesn’t exist because they wrongly defined there industry which led to stop their growth. This is one big point that executives of those big companies missed when identifying there industry. One common mistake by all those industries was they were product focused and main emphasis was selling their product rather satisfying their customers’ needs. Railroads is one example and many other industries made that mistake and now they are no more. Many companies that fail to sustain there growth because they believed in one of the following myths: * As the population of world increase demand of our product will also increase and industry will grow. * Belief that there is no competitive substitute for our industry’s product. * Belief in mass production that cost reduction will ensure increase demand which ultimately make industry grow. * Technical research and development will ensure growth as new products will come more and more customers will attract. But in actual none of them worked and reason for that was that all of them were product focused. The myth that increasing population will increase buyers and market expand. This thought forced the manufacturers to not give thought how to...
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