The concept of ‘Marketing Myopia’ discussed in this article of Harvard Business Review in July 1960, emeritus professor of marketing, Theodore Levitt suggested that companies get trapped in this situation because they omit to ask the vital question, “What business are we in?”
‘short sighted managements often fail to recognize that in fact there is no such thing as a growth industry’
What does the two phrases above describe? This is what I am going to be exploring regarding this article. The article talks about various marketing behavior of different industries. The article describes that every industry starts with a growth. But what happens next is determined by their own behavior in the market. Article says that growth stops or is threatened due to failure in management. Failure of management can be described in numerous ways.
But with regard to marketing myopia failure arises when ‘marketers starts focusing on the product’. Well where else the focus should be? Towards understanding customer needs! This is what marketing myopia describes. Marketing Myopia says that marketing is not about selling products, it’s about understanding what customer needs. Understanding customers needs is an essential part of marketing. To stop focusing on the product and focus on the expectation and needs of consumers and focus on the solutions.
The rise in customer service complaints at Canbide Corporation’s Denver facility could be attributed to the lack of customer service which is definitely an essential prerequisite for any business looking to make profit. Therefore it will be important for the Denver facility to design ways to retain the existing customers through customer satisfaction as this is easier than getting new customers ( ...
Article uses different examples to prove the point. First it talks about the Railways. Why did Railways stop growing? Did other means of transportation like cars trucks airplanes led that happen? No. It is because Railways thought they are in railroad business rather than considering themselves as a transportation business. they failed because they were rail oriented (product ) rather than transportation oriented ( consumer wants)
Same way in the Film industry, which failed to understand that their purpose is to provide entertainment not movie business. Comparing two industries Duponts and Corning Glass, both companies have great technical competence. The reason behind their success is their thorough customer based orientation.
Dry-clean industry is going down. The same way when we look for answers it does not point out at anything else but because of synthetic fibers and chemical additives that have cut down the need for dry cleaning.