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Levitt Theodore’s “Marketing Myopia” is an insightful literature that explores the relationship between adequate management and growth of industries. The article discusses both strategy and marketing as essential components to the success of a business. In the end, it is…
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Marketing Myopia Marketing Myopia Levitt Theodore’s “Marketing Myopia” is an insightful literature that explores the relationship between adequate management and growth of industries. The article discusses both strategy and marketing as essential components to the success of a business. In the end, it is clear that that customer satisfaction is integral than production or sales.
The success of a business depends on management that formulates aims and policies in the business, and defines their industry correctly to identify their customers. Customer retention is integral because they provide a company with updates on what the market requires and sustain business operations.
Theodore cites the railroad business and Hollywood as two examples of businesses that have suffered the effects of myopia, also referred to as shortsightedness (Theodore, 2004). The invention of airplanes and cars pushed railway transport out of business, and they lost customers because they focused on the railroad business, and not the transportation business. They concentrated more on the product, railroad, rather than on their customers in the transportation business.
Similarly, Hollywood concentrated in the movie business, rather than the entertainment business, which resulted in their fizzling out after the invention of television (Theodore, 2004). The two examples show that narrowing down the scope of a business is detrimental to growth. In the end, it makes a business susceptible to future competition.
As population growth continues, so is the consumer base (Theodore, 2004. Management should focus on strategies that produce followers, in terms of customers. Largely, customer-creating and customer-satisfying strategies are relevant in virtually all sectors of the economy, and are more important than production strategies.
The most important part in the article is that customers are the most significant asset of an organization, and managers must ensure they retain them through establishment of strategies that apply to their demands and are responsive of future trends.
Theodore’s, L. (2004). Marketing Myopia. Harvard Business Review.
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