The speed of change in the digital economy • Marketing Myopia Page 1 of 2 The speed of change in the digital economy • Archive • RSS Marketing Myopia Many companies define themselves almost completely through the product or services they offer. This is a common approach that can seriously narrow the focus. Extensive attention on products rather than customers’ needs, create a “marketing myopia” resulting in business nearsightedness or shortsightedness. The most important question is therefore
Words: 596 - Pages: 3
Marketing Myopia, is it Relevant Today? Marketing Myopia by Theodor Levitt was published in 1960. In the article he discusses that every industry is a growth industry and that growth does not decline or stop because the market is saturated, it does so because of a failure of management. According to the article, an industry is a customer-satisfying process, not a goods-producing process. Businesses will be more successful in the end if they concentrate on meeting consumers’ needs rather than
Words: 1626 - Pages: 7
“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’
Words: 955 - Pages: 4
Myopia is defined by Merriam –Webster dictionary as “a lack of foresight or discernment: a narrow view of something” (“what is marketing myopia?). In terms of marketing this is demonstrated by a company displaying short sightedness and an inward approach that keeps the focus on the specific needs of the business rather than its products or the customer’s satisfaction. This phenomenon can destroy companies if it is not addressed immediately. A good example of marketing myopia would be Ford Motor
Words: 389 - Pages: 2
Marketing Myopia The Myopic culture, would pave the way for a business to fail, due to the short-sighted mind-set and illusion that a firm is in a so-called 'growth industry'. This belief leads to complacency and a loss of sight of what customers want. - Theodore Levitt . Marketing Myopia suggests that businesses will do better in the end if they concentrate on meeting customers’ needs rather than on selling products. Some commentators suggested
Words: 265 - Pages: 2
Marketing Myopia Simple differentiation or even a mere classification may sometimes be a wall that hinders a company from maximizing all the opportunities in business. In the article, the movie industry is given as an example. Companies or producers who are into movies were not able to visualize that television entertainment is actually an opportunity for expansion. The launch of the first few successful TV shows posed a threat into the entire industry. Myopia or nearsightedness as related to marketing
Words: 468 - Pages: 2
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
Words: 615 - Pages: 3
MARKETİNG MYOPİA The marketing myopia theory was originally proposed by Theodore Levitt. The needs of the market should receive first priority. An industry is a customer-satisfying process, not a goods-producing process. Businesses will do better in the end if they concentrate on meeting customers’ needs rather than on selling products. Companies stop growing because of a failure in management, not because the market is saturated but because of MYOPIA. For example; Railroads declined because
Words: 536 - Pages: 3
Marketing Myopia, Journal Article 1 Sylvia DeSormeau Marketing Management, MKT 308 Rob Koonce, Instructor May 1, 2009 "Marketing Myopia" is an article published in the Harvard Business Review originally in 1960. The very fact that it is still being used as a teaching tool in a marketing class in 2009 speaks volumes for the article's central message, that top executives must define their industries correctly. It seems simple enough, and yet Levitt supplies the reader with many examples of industries
Words: 1129 - Pages: 5
Marketing Management I Assignment 1 Marketing Myopia Myopia refers to nearsightedness or shortsightedness. Marketing myopia refers to the myopia shrouding the vision of certain companies or industries. It occurs when the company/industry focuses mainly on selling its products and services, instead of paying attention to the needs of the consumers. They concentrate their efforts on selling, instead of marketing their product. They tend to ignore the adage, “the Customer is King”, which more often
Words: 1246 - Pages: 5
