A Summary of Marketing Myopia Essay

AbstractThis roll summarizes the construct of Theodore Levitt in his work published in The Harvard stage line of merchandise recap titled trade slightsightedness. Levitts work details the reasons emergence industries ar actually non that at all, and how organizations fail across the globe in regards to marketing. In addition, the document will correlate 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 blood line Review in the summer of 1960. According to Levitt (1960), all industries are growth industries and the failure of industries is not because of marketing saturation, but because of management. Levitt uses the oil industry, automobile industry, acid industry, and electronics industry to support that notion. In addition, Levitt details how population has no do on business success. Lastly, Levitt summaries what is n ecessary to avoid the marketing myopia syndrome from an overview.Levitt opens his work by point out that failure is at the crimp. In a more specific response, failure of the organization rest on the top executives who are responsible for broad aims and policies (Levitt, 1960). To support his idea, Levitt utilized the railroad and Hollywood movie companies as examples. Levitt explains the railroad did not fail because passenger and lading transport declined, but because the railroad failed to supply the customers need (Levitt, 1960). Levitt continues with Hollywood explaining that they did not fail because TV shows they failed because management classified 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 aresurgence of customers to the movie industry, but in accompaniment was a surge of young new writers.Levitt continues the explanation of Marketi ng Myopia by ruling out the population myth. According to Levitt (1960), the idea that salary are assured by and expanding and more affluent population is solemn to every industry. However Levitt continues by indicating that this myth is undergoing a fundamental however typical change (Levitt, 1960). The population myth attempts to explain that if large quantities of peck need the harvesting then product development to replace the reliable item is not necessary. According to Levitt (1960), the oil colour industrys efforts reserve focused on improving the efficiency 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 other product developments.In request to avoid marketing myopia companies must make four steps. To start they must adapt to the requirements of the market, and the faster the better. Second, the keep company must employ a vigorous leader whose vision an d drive set the pace for the company. Third, the sinless organization must be customer creating and customer satisfying organizations. Lastly, the company must think of itself as buying customers.Contemporary marketing focuses on the needs of the buyer versus the seller. Levitts work with Marketing Myopia relates in a flash to that point. Businesses are no longer able to sit back and make happy continued market growth. They must focus on the buyers needs and at the same time take necessary steps to make its aver 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 list 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.