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Assignment-2 Marketing Myopia

The document discusses Theodore Levitt's theory of marketing myopia. Some key points: 1) Marketing myopia focuses on fulfilling a company's immediate needs rather than focusing on customers. Companies should understand customer needs and wants. 2) Growth in one product can lead to decline in another as customer preferences change. Companies must adapt to changing trends. 3) Companies should not assume growing markets will continue but should understand and forecast changing customer behaviors. A customer-centric approach is needed.

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Aman Gaur
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88 views

Assignment-2 Marketing Myopia

The document discusses Theodore Levitt's theory of marketing myopia. Some key points: 1) Marketing myopia focuses on fulfilling a company's immediate needs rather than focusing on customers. Companies should understand customer needs and wants. 2) Growth in one product can lead to decline in another as customer preferences change. Companies must adapt to changing trends. 3) Companies should not assume growing markets will continue but should understand and forecast changing customer behaviors. A customer-centric approach is needed.

Uploaded by

Aman Gaur
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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Date : 18-December-2021

Assignment-2
Marketing Myopia

1) The Theory Marketing myopia expressed by Theodore Levitt in the


Harvard business review states that Marketing Myopia is a
short-sighted and inward-looking approach to marketing that focuses
on the fulfilment of the immediate needs of the company rather
than focusing on marketing from a consumer's point of view

2) According to Theodore Levitt, Companies should be more Customer


Oriented & less Product Oriented and try to focus on the need first
that what and why customers want. For example : RailRoads
vanished because they were not focusing on customer satisfaction or
need to help them in travel but it was focused on their service.
Companies should focus on fulfilling the needs of their customers
whether they have to change their product for that just like Meta
did.

3) Growth Phase for one product leads to Decline phase of another


Product. For Example : Introduction and Growth of Synthetic Fibers
and Chemicals leads to Decline in the Dry Cleaning Services.
Similarly, Supermarkets destroyed the market for Grocery Stores as it
is better understanding the needs of the customers.
Date : 18-December-2021

4) Theodore Levitt states that in Population Myth as Companies tend


to believe that as when the market for the product is growing the
management starts to stop thinking about the future assuming that
the growing market is the indication of future success.

5) The Companies started focusing on expansion and sales but rather


they should focus on their Marketing, Understanding the customers
and Trends in the market. Companies generally ignore the changing
trends and needs of the customer.

6) Another faith that companies believe into mass production with a


decline in cost per unit. Once, a company produces in large quantity
Their focus will be on selling it instead of marketing or understanding
the customer preferences. This will result in their Downfall because
as the time changes, Consumers preferences will also change in this
Competitive environment

7) In an Example of Henry Ford, he introduced assembly line technique


for Mass production, it was a success initially but as the time
changed customer preferences also changed. They started
demanding more features and money Value and especially color
options. Ford's idea was to cut costs to color their models as Black as
it cost them less and took less time to dry. But After some time, This
strategy failed as consumer demands were different.
Date : 18-December-2021

8) Thus, from the above point it is concluded that Companies should


understand and forecast the consumer behaviours before mass
producing as with time trends and preferences also changes.

9) A truly Marketing minded company tried to create value satisfying


goods and services that consumers will want to buy. It includes all
points that what the product is solving or filling a need?, How it is
available to the customer, and other factors.

10) Product Provincialism : The Narrow Minded approach of


companies leads to their death. That means an industry declines
when it fails in pre judging or adapting the constantly changing
behaviour of the customer. Product Provincialism means products
are temporary, customers will always be there with their ever
changing needs. The company needs to be clear in what business
they are in for example : In railroad, if it is in railroad business or in
Transportation Business. Another Example is the Buggy Whip
Industry, if they identified themselves as a transportation business,
they might have survived.

11) Creative Destruction : The rule of stability is to be creative.


Creative Destruction states that the decay of long-standing practices,
procedures, products or services followed by more innovative,
disruptive & creative ones. It is based on the principle that old
assumptions need to be broken so that new innovations can benefit
from existing resources and energy.
Date : 18-December-2021

12) The greatest danger which faces the glamorous new companies in
this field is not that they do not pay enough attention to research
and development, but that they pay too much attention to it. This
statement is true because most companies tend to focus and invest
too much of their efforts towards research and development,
resulting in raising their cost and expenditure which results in
chances of failure if the innovation is not suited to the customers.

13) StepChild Treatment : Companies generally treat their products as


first child and customers as Stepchildren. It may look like they are
taken care of but aren't really given thought of. They focus on
developing and convincing advertisements that you need this
product but this should be vice versa. Companies should first
understand the like and dislike of the customers then innovate their
products according to their reviews.

14) The Beginning and End : The industry is a customer-satisfying


process, not a goods-producing process, and is vital for all
businesspeople to understand. An industry begins with the customer
and his or her needs, not with a patent, a raw material, or a selling
skill.
15) Companies should be very clear about the need and purpose in
the market. They violate the two most important aspects : being
aware and defining their companies problems and then developing
Testable hypotheses about solving them.
16) The ultimate goal of every business is to survive not just survive ,
but should have a vision, Customer Centric
Date : 18-December-2021

17) Selling, Marketing, Research and Development, Product


Innovation all should be equally balanced. Only one sector won't be
responsible for the success of the industry.
18) Theorganization must learn to think of itself not as producing
goods or services but as buying customers, as doing the things that
will make people want to do business with it.
19) The Chief Executive must set the company’s style, its direction,
and its goals. This means knowing precisely where he or she wants to
go and making sure the whole organization is enthusiastically aware
of where that is.
20) The Conclusion is that the organization should be customer centric
with timely innovation fulfilling the customers need and the whole
organization management should try to achieve the goals set for to
attract customer base with appropriate marketing strategies.

Thankyou
Aman Gaur
MBA- IEVD

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