Marketing Myopia - 785 Words

Article: Levitt, T. (1960) â€Å"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 company’s needs. The failure to see and adjust to the rapid market changes is typically the unfortunate results. The core principle of marketing such as marketing concept, marketing or customer orientation and satisfying customers †¦show more content†¦But human tend to be overconfident most of the time, this is how they put themselves in danger. People once thought Kerosene light was irreplaceable but ended up it has been replaced by incandescent lamp. We believe that innovation most often occurs when a competitor correctly Page 1 anticipates the customer’s next need, often from outside the industry.In additional, failure of the business delivered by the perception on the self-deceiving cycle in the market by the management, in another words to be succeed in business, they have to be open minded and receive feedback from consumers and industries. Population mythis where organization believes in expanding in population will generate more profit due to consumers are multiplying andbuying moreproducts or services. It may true in some industries but not all and it can create negative feedback such as no competitive substitute and creativity or imaginations of the products. Levitt gives examples, in such as industry petroleum, automobiles and electronics tied too closely their current success, too slow to emerge from selfcongratulation. Marketing myopia occurs when business leaders assume an audience for their products will forever grow, that competitors will forever fail. In high demand of consumer and industry it’s contribute to mass production. Thephenomenon causes the industry to produce at a maximum capacity.Show MoreRelatedMarketing Myopia1487 Words   |  6 PagesAbstract The article, â€Å"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 thanRead MoreMarketing Myopia955 Words   |  4 Pagesâ€Å"Selling and marketing are antithetical rather than synonymous or even complementary. There will always be, one can assume, a need for some selling. But the aim of marketing is to make selling superfluous. The aim of marketing is to know and understand the customer so well that the product or service fits him and sells itself.† (Drucker 1973, pp.64-65) In the early years of the ‘70s era, Drucker was one of the first educators and authors who identify marketing as a way to understand customers’Read MoreMarketing Myopia1265 Words   |  6 PagesMarketing 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 strategicRead MoreMarketing Myopia Of Noki Marketing929 Words   |  4 PagesMarketing Myopia of NOKIA Contents Introduction 3 Back ground of Nokia 3 Marketing Myopia 3 New Marketing Myopia 4 Bibliography 5 Introduction Nokia was the most famous mobile phone manufacture around the world. Its slogan technology connecting people has been rooted in consumers mind deeply. However Nokia had faced a huge market lost once the smart phone published. The report is about the marketing myopia analyse of Nokia. Back ground of Nokia Nokia CorporationRead MoreThe New Marketing Myopia7296 Words   |  30 PagesSocial Innovation Centre The New Marketing Myopia _______________ N. Craig SMITH Minette E. DRUMWRIGHT Mary C. GENTILE 2009/08/ISIC Electronic copy available at: http://ssrn.com/abstract=1336886 The New Marketing Myopia by N. Craig Smith* Minette E. Drumwright ** and Mary C. Gentile *** forthcoming in the Journal of Public Policy Marketing This paper can be downloaded without charge from the Social Science Research Network electronic library at: http://ssrn.com/abstract=1336886 Read MoreEssay about Marketing Myopia779 Words   |  4 Pagesï » ¿Marketing Myopia:   Marketing Myopia suggests that businesses will do better in the end if they concentrate on meeting customers’ needs rather than on selling products. The mistake of paying more attention to products a company offers than to the benefits and experiences produced by these products. The term marketing myopia was first expressed in a famous article of the same name written by  Theodore Levitt  for the  Harvard Business Review  in 1960. In Marketing Myopia, Levitt argued that manyRead MoreLiterature Review on Marketing Myopia2738 Words   |  11 PagesArticle 1: Marketing Myopia 3 Article 2: An Integrated View of Marketing Myopia 4 Article 3: Beyond Marketing Myopia: The Service of Small Railroads 5 Article 4: Futuristics: Reducing Marketing Myopia 6 Article 5: Reconsidering the Classics: Reader Response to Marketing Myopia 7 Article 6: Global Marketing Myopia 8 Article 7: Editorial: Marketing Myopia 9 Article 8: Extending the marketing myopia concept to promote strategic agility 10 Article 9: The New Marketing Myopia 11 Article 10:Read MoreMarketing Myopia, By Theodore Levitt1348 Words   |  6 PagesMarketing Myopia Analysis â€Å"Marketing Myopia†, by Theodore Levitt is one of Harvard Business Review’s most profound articles ever published, having won the McKinsey Award in 1960. The title of the article hints what it suggests, a short-sighted approach to marketing. Levitt, whom has witnessed the rise of three industries: petroleum, automobiles and electronics, analyzes and comments on businesses’ failures, partly due to a misguided focus. Business, in essence is to establish an entity in which profitRead MoreAnalysis Of Theodore Levitts Marketing Myopia 1341 Words   |  6 PagesIn Theodore Levitt’s article â€Å"Marketing Myopia†, he defines that marketing should focus on customer oriented instead of product oriented. He had introduced a famous question, â€Å"What business are you really in?† Many times, people misidentify the industry they are in. For example, Levitt uses the examples of railroad business, Hollywood, oil company, and many other examples to teach us that oriented management can keep a growth industry growing. Although â€Å"product orientation is unquestioned† for manyRead MoreAnalysis Of Theodore Levitt s Marketing Myopia744 Words   |  3 PagesTheodore Levitt s original 1960 Harvard Business Review in 1960 Marketing Myopia addressed shortsighted in management, industry is a customer satisfying business and not a goods producing business (Levitte, 1960). The core meaning behind Levitt s Marketing Myopia is Levitt (2008), Every major industry was once a growth industry. But some that are now riding a wave of growth enthusiasm are very much in the shadow of decline. Others that are thought of as seasoned growth industries have