Marketing Myopia
Abstract
The article, “Marketing Myopia” written by Theodore Levitt, illustrates how businesses interact in their particular industry’s life cycles of growth, maturity and decline. One of the primary focal points of the article is that businesses must know their industry in regards to satisfying their specific customer’s needs. Identifying customer needs and meeting them, allows for continued growth of the company and industry. Recognizing the necessity to satisfy customer’s needs rather than merely selling products will establish an innovative company with continued growth and profits.
Key words: Marketing, satisfaction, myopia, industry
In the article, “Marketing Myopia”, Theodore Levitt, challenges all business leaders to “know what business you are really in?” (Levitt, 2004). The underlying assumption in his question measures the true engagement of the company’s management in being able to define their company’s purpose, thus, creating a foundation of vision and growth. One major responsibility of the company’s management is that it must create a customer centric culture within their firm. This can only be achieved by understanding the company’s purpose and identity within its industry (Corporate Marketing Myopia and the Inexorable Rise of a Corporate Marketing Logic, 2011). Marketing Myopia introduced one of the most influential marketing ideas of the century which states that businesses will do better in the end if they concentrate on meeting customer’s needs rather than on selling products (Levitt, 2004). Moreover, businesses traditionally resist innovation and change, keeping them from satisfying customer needs and ultimately shifting the company into the decline stage of their life cycle. Companies become product oriented instead of customer oriented (Levitt, 2004). By not defining their industry and purpose correctly, Theodore Levitt argues that companies endanger their future by creating competitive risks in their industry by
The article, “Marketing Myopia” written by Theodore Levitt, illustrates how businesses interact in their particular industry’s life cycles of growth, maturity and decline. One of the primary focal points of the article is that businesses must know their industry in regards to satisfying their specific customer’s needs. Identifying customer needs and meeting them, allows for continued growth of the company and industry. Recognizing the necessity to satisfy customer’s needs rather than merely selling products will establish an innovative company with continued growth and profits.
Key words: Marketing, satisfaction, myopia, industry
In the article, “Marketing Myopia”, Theodore Levitt, challenges all business leaders to “know what business you are really in?” (Levitt, 2004). The underlying assumption in his question measures the true engagement of the company’s management in being able to define their company’s purpose, thus, creating a foundation of vision and growth. One major responsibility of the company’s management is that it must create a customer centric culture within their firm. This can only be achieved by understanding the company’s purpose and identity within its industry (Corporate Marketing Myopia and the Inexorable Rise of a Corporate Marketing Logic, 2011). Marketing Myopia introduced one of the most influential marketing ideas of the century which states that businesses will do better in the end if they concentrate on meeting customer’s needs rather than on selling products (Levitt, 2004). Moreover, businesses traditionally resist innovation and change, keeping them from satisfying customer needs and ultimately shifting the company into the decline stage of their life cycle. Companies become product oriented instead of customer oriented (Levitt, 2004). By not defining their industry and purpose correctly, Theodore Levitt argues that companies endanger their future by creating competitive risks in their industry by
References: Corporate Marketing Myopia and the Inexorable Rise of a Corporate Marketing Logic. (2011). European Journal of Marketing , 45. 9/10.1329-1352. Levitt, T. (2004). Marketing Myopia. Harvard Business Review , 1-13. Richard, M. D., Womack, J. A., & Alalway, A. W. (1993). Marketing Myopia: An Intergrated View. The Journal of Product and Brand Management , 49. .