Marketing Myopia Phenomenon - Essay Example

Marketing Myopia Marketing Myopia “Marketing Myopia”, the work of Theodore Levitt, published by the Harvard Business Review in 1960 has since then received much critical acclaim for the approach it discusses towards an effective marketing strategy. Myopia is a condition of the eyes, where the viewer can only see the things close by and is unable to see things that are further away. This concept is applied to marketing by Levitt, who claims that myopic marketers are unable to be proactive about their future plans and thus, fail to plan for it and miss out opportunities along the way. This article and its subject matter are very pertinent to the field of marketing because it helps define a path that should be taken by marketers if they intend to avoid very common and just as destructive mistakes. The management of a company may make several errors that are discussed in the paper. Sometimes the company’s scope is incorrectly defined and this creates a restriction for this company which hinders future growth. Furthermore, sometimes the unique selling proposition of the company’s product may become obsolete and since management does not renew nor revive the proposition the customers lose interest in and soon forget about the product. Baseless assumptions and complacency are also two mistakes hinted at by Levitt in his essay. A huge problem may arise if management focuses on supply side policies and overlooks demand side policies and conditions; if a strong and lasting bond with the consumer is not created, it is very likely that the brand/product will not be successful. Another failure on the part of the company’s management is when/if they become so singularly focused on the future that they fail to acknowledge the circumstances they face in the present which essentially leaves them nowhere; with no proper strategy to deal with current issues the company will not be left capable to deal with the future issues it was focusing in. In a nutshell, management’s main strategy should be one with a visionary approach and one which simultaneously focuses on the company’s customers as the most important asset of the company. This is the only asset which will function as the company’s life jacket during an economic or financial crisis. A second most critical approach is how the business’s scope is defined; if too restricted and narrow it will hinder and may even halt growth and progress. As a result of a thorough critical analysis of Levitt’s work, some strengths and weaknesses of his work come to light. Levitt’s article has garnered much praise and critical acclaim over the years. Researchers and scholars of marketing found his work exceptionally valuable to their study and ground breaking in numerous aspects because the theories presented by Levitt in his work are highly relevant and applicable across different industries, business and even across different time periods. Originally proposed and modeled on the business environment of the 1960s, theories and scenarios presented in “Marketing Myopia” are still as relevant and applicable today in the business environment of the 21st century, almost half a century later. This makes it valuable for researchers studying the business environment and also for students learning about marketing in the corporate world today. Not once do the scenarios, situations and examples presented seem obsolete or irrelevant in anyway. Furthermore, the example scenarios given by Levitt through the course of this essay are further explained through the use of easy to understand practical examples that increase the validity of the case he is presenting while simultaneously making his point of view clearer by explanation and illustration in the mind of the reader. Theories presented by Levitt in this essay can be used by businesses to in many regards. If their current strategy of marketing is posing problems for them, Levitt’s theories can help them diagnose these problems and fix them according to the optimum strategy type given in the essay while helping the business formulate a strategy for the future that will be more efficient and will bring growth and success for the company. These theories can also be used as future predictors for businesses and are thus useful for researchers and analysts who can predict how well a business will do in the future looking at the parameters mentioned in this essay, for example how widely the scope of the business is defined. Much value in Levitt’s work lies in the fact that it is highly instructional and educational and for individuals interested in the field of marketing, it is a treasure trove of ground breaking theory and succinct guidance. Although the text displays numerous and tremendous strong points there are albeit some weaknesses in Levitt’s work that also become apparent alongside its strong points when critically reviewed. Firstly, Levitt is overly cynical about other marketing theories and it can be said overlooks them greatly and minimizes their importance while putting forward his work and own theories. This approach may induce “Marketing Mania” in his followers who may side step other important theories in order to align their strategy to Levitt’s ideas. It is important to note, that disregarding other marketing theories and following only Levitt’s will not guarantee corporate success, instead Levitt’s theories in “Marketing Myopia” will enhance growth and success only when implemented in conjunction with other theories on the same topic. The world does not function in isolation, while Levitt’s theories may be of much value, it does not mean that other theories on the same topic are of any less value. To gain optimal learning and insight from the text, it is critical that it may not be viewed in isolation, but alongside other texts in the same vein. Summarily, this text reinforces the critical importance of a proactive, customer based strategy to the overall success of a business. Marketing is a critical component of the overall business and must not be “treated like a step child” (Levitt, 1960). To ensure the company’s success through the decades, top management must concentrate on adopting and implementing a visionary approach for the company’s marketing strategy. References: Levitt, T. (1960). Marketing Myopia. Harvard Business Review, 38 [Accessed: 9th Dec 2012]. Read More