Critique “Marketing Myopia” Marketing Myopia is an article written in 1960 by Theodore Levitt. Levitt was a marketing professor at Harvard who has published many articles on the subject. This article; however‚ is no doubt his claim to fame as it has been extremely well read over the years. This is due in large part to the consumer oriented approach to marketing that he argues for. Though common knowledge to the marketers of today‚ making the customer the first priority in business would have
Premium Marketing Theodore Levitt Marketing myopia
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
Premium Marketing Manufacturing Industry
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
Premium Suzuki Maruti Suzuki
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
Premium Tea Sri Lanka Marketing
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
Premium Marketing Business
The term "Myopia" means short-sightedness in vision. Marketing glossary has borrowed this term to aptly describe the short-sightedness by a company. Thus "marketing myopia" means a short-sighted and inward looking approach to marketing that focuses on the needs of the company instead of defining the company and its products in terms of the customers’ needs and wants. It results in the failure to see and adjust to the rapid changes in their markets. The history of Indian Business has been exposed
Premium Bajaj Auto Auto rickshaw Marketing
Marketing Myopia is a term used in marketing that describes and unnecessarily common affliction among business people. It is the failure to see "down the road". Many business people make their decisions based on current circumstances. They do not think about what will likely happen in their industry in the future? One reason shortsightedness is so common is that people feel that they can not predict the future accurately. While this is a legitimate concern‚ it is also possible to use a whole range
Premium Marketing Prediction Time
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 many companies
Premium Marketing Business
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
Premium Petroleum Marketing
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
Premium Marketing