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
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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
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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 Management Precis #2 Marketing Myopia The author tells us that an industry starts with the customers and his needs‚ not by its raw materials‚ patent or selling skill. A competitive marketer forecasts the future existence of the company to the public not by its long years of operation‚ not by its company image‚ nor its ability to conduct tiring and expensive researches and test on its product. But its ability to forecast the future demand of the population and lining the company product
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Marketing Myopia In this article‚ author Theodore Levitt explores the major factors that have an impact on the growth opportunities for organizations. With the help of examples from different industries such as the movie industry‚ the automobile industry‚ the petroleum industry‚ the grocery stores etc.‚ he highlights some common misconceptions and strategic errors made by firms that have led or may lead to their subsequent failure. The main point that he makes is that most of these organizations
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1.0 Introduction In line with Levitt (1960)‚ Marketing Myopia refers to the narrow view of myopia‚ marketing and business environment. This kind of advertising program without any demand with clients but an organization will is to sell goods or services within particular economic markets. It tilted a business to focus on its desire‚ rather than what the shopping desires‚ and often modifying to form a culture of immunity each typically end up losing the name‚ business damage and ineffective commercial
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Marketing Myopia Part A. Basics Concepts and Ideas 1. Near sighted (myopic) view of marketing that focuses on products rather that customers’ needs and wants results in company’s failure to adjust to changes in the market and leads to business’ decline 2. Too narrow definition of the market prevents companies from foreseeing threats from substitution and put them at risk of obsolescence 3. Success of a company depends on human organization and leadership. Part B. Implications
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OSRA 2 September 8 2013 Marketing Myopia 1. The author doesn’t believe in the concept of a growth industry. Leavitt describes every so called growth industry as a “self-deceiving cycle of bountiful expansion and undetected decay.” The four conditions which make up this cycle are reasons companies should continue to invest in product innovation and development. * The population myth is a belief that as more consumers enter the market‚ there is a greater opportunity for sustained profits
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Marketing Myopia Marketing Myopia can be defined as 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. For example‚ transportation is a generic need filled by buses‚ cars‚ trains‚ airlines and shipping lines all of them being in the transport business. Finding the generic
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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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