A Summary of Marketing Myopia Essay

AbstractThis document summarizes the lead of Theodore Levitt in his take produce in The Harvard Business Review titled marketing myopia. Levitts work flesh out the reasons growth industries are actually non that at all, and how fundamental laws overlook across the globe in regards to market. In addition, the document will gibe Levitts work in 1960 to contemporary marketing.Keyword Theodore Levitt, marketing myopia, contemporary marketingA Summary of Marketing MyopiaMarketing Myopia by Theodore Levitt was published by Harvard Business Review in the summer of 1960. concord to Levitt (1960), all industries are growth industries and the nonstarter of industries is not because of marketing saturation, hardly because of management. Levitt uses the oil industry, automobile industry, transportation industry, and electronics industry to indorse that notion. In addition, Levitt details how nation has no effect on business success. Lastly, Levitt summaries what is obligatory to head off the marketing myopia syndrome from an overview.Levitt opens his work by point out that failure is at the top. In a more(prenominal) specific response, failure of the organization rest on the top executives who are responsible for broad aims and policies (Levitt, 1960). To reward his idea, Levitt utilized the line and Hollywood depiction companies as examples. Levitt explains the railroad did not fail because passenger and freight transportation declined, but because the railroad failed to sum up the nodes need (Levitt, 1960). Levitt continues with Hollywood explaining that they did not fail because TV shows they failed because management categorise them as the movie business instead of the entertainment business (Levitt, 1960). Levitt continues to support his notion by indicating what saved Hollywood. Levitt explains, it was not a resurgence of customers to the movie industry, but in fact was a surge of young advanced writers.Levitt continues the explanation o f Marketing Myopia by ruling out the population fiction. According to Levitt (1960), the idea that profits are assured by and expanding and more affluent population is dear to every industry. However Levitt continues by indicating that this f qualified is undergoing a fundamental yet typical change (Levitt, 1960). The population myth attempts to explain that if large quantities of people need the yield then product development to replace the current item is not necessary. According to Levitt (1960), the oil colour industrys efforts have concentrateed on improving the ability of getting and making its product, not really on improving the generic product or its marketing. Therefore, the petroleum industry owes its continued success to opposite product developments.In order to avoid marketing myopia companies essential make four steps. To begin they must adapt to the requirements of the market, and the faster the better. Second, the alliance must employ a vigorous leader whose vision and case set the pace for the company. Third, the entire organization must be customer creating and customer satisfying organizations. Lastly, the company must think of itself as acquire customers.Contemporary marketing focuses on the needs of the buyer versus the seller. Levitts work with Marketing Myopia relates directly to that point. Businesses are no longer able to sit back and enjoy continued market growth. They must focus on the buyers needs and at the same time take necessary steps to make its own products obsolete. Furthermore, business must focus on what industry they place their product, as with the railroad being in the railroad business rather than the transportation business.In conclusion, Theodore Levitt published Marketing Myopia in the 1960 edition of the Harvard Business Review. The article explains how companies fall to the extinction make in relatively short time periods or are revived by other companies whose product relies on theirs. Levitt explains the four steps companies must take to ensure they do not catch the myopic views.ReferencesLevitt, T. (1960). Marketing Myopia. Harvard Business Review, 138-149.