A Summary of Marketing Myopia Shorter University Abstract This document summarizes the work of Theodore Levitt in his work published in The Harvard Business Review titled “Marketing Myopia.” Levitt’s work details the reasons growth industries are actually not that at all‚ and how organizations fail across the globe in regards to marketing. In addition‚ the document will correlate Levitt’s work in 1960 to contemporary marketing. Keyword: Theodore Levitt‚ marketing myopia‚ contemporary marketing
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Marketing Myopia Summary Main Points: 1. An industry is a customer-satisfying process‚ not a goods-producing process. Businesses will be better positioned for growth if they concentrate on meeting customers’ needs rather than on the mass production and selling techniques of their products. 2. Companies stop growing because of a failure in management‚ not because the market is saturated (Levitt‚ 2008:1). Myopia is a term used and means to be shortsighted. In business‚ this would mean not having
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MARKETING MYOPIA: Theodore Levit The first thing that Theodore Levit does in his article “marketing myopia” is denying the title of forever growth industry to any industry that ever existed and claimed to be so. He believes every industry has been a growth industry at some point of time‚ but they could not carry the tag along because of several reasons; and none of the reasons being saturation in market. Industries failed to continue their growth because of lack of proper management. They did
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Marketing Myopia In his article Marketing Myopia‚ Theodore Levitt insists that failure in industries is “at the top” where executives deal with broad goals and policies. He defines marketing myopia using something he calls the “self-deceiving cycle.” This cycle consists of four conditions which cause companies to stop growing: the belief that growth is secure‚ overconfidence on their own products‚ too much focus on mass production‚ and preoccupation with manufacturing efficiency. The first condition
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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
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Article: Levitt‚ T. (1960) “Marketing Myopia”‚ Harvard Business Review‚ July-August‚ 1960 Marketing myopia is a term coined by Theodore Levitt. The fundamental concept to take from marketing myopia is that a business will survive and perform better if it focuses on satisfying customer needs rather than selling specific products. Rather than defining the company and its products to respond to the customers’ needs and wants‚ this is a short-sighted‚ inward‚ myopic marketing approach focusing on the
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Marketing Myopia What is Marketing Myopia? Marketing Myopia is the short-sighted approach of management of focusing on a particular product and not identifying the correct industry the organization is in. (Levitt‚ 1975) In essence it implies that organizations should not define their business based on their products and should attempt to identify the business based on customer centric evidence. Organizations need to focus on customer wants and use customer centric evidence forming strategic
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Marketing Myopia is defined by how almost every major industry used to once be a growth industry. However‚ presently they have already reached a declining period where growth is unable to return though not the fault of the market. As the market is not saturated making growth difficult‚ reaching the declining period was due to companies being unable to manage themselves properly. Fateful purpose is created by the inability for executives at the top to realize what the purpose of their company is
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Marketing Myopia is narrow minded approach to a marketing situation where only short-range goals are considered or Where the marketing focuses on only one aspect out of many possible marketing attributes Marketing Myopia coined by Theodore Levitt raised the famous question- “What Business are you really in?” Some Indian Examples: Maruti Gypsy : RIP Brand : Gypsy Company: Maruti Suzuki Brand Count : 182 Gypsy was one of India’s first sports utility vehicles. The vehicle created
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PAPER Marketing myopia By John D Marketing myopia is a term created by Theodore Lewitt‚ to describe a common managerial problem that many businesses have had in the past and now have in the present. It is a problem where the business fails to look into the future of their company and the industry they are in‚ and fail to plan ahead for it. Therefore in myopia suffering businesses‚ business decisions are usually based on the current state of the market. This can usually be attributed to
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