Get Full Essay Get access to this section to get all help you need with your essay and educational issues. Get Access Marketing Myopia reaction paper Essay Sample When it comes to the topic of marketing, or anything that has to do with business, I personally am not very interested in it, thus making me not that very knowledgeable in this topic. Hearing stuff about business just puts me to sleep.
It is about the failure of a firm on defining their business that instead of describing it broadly to take advantage of the growth opportunities they are often define it narrowly claiming that they are unique.
In business you much know what is your business about for,it is not the uniqueness of your business but it is how you respond to the needs of your customer to satisfy them. One example that Theodore Levitt gave is the railroad company it was then a growing industries and it was a boom because no other transportation could compete with the railroads in speed, flexibility, durability and economy.
But the railroad did not stop growing because the need for passenger and freight transportation declined and also not because the need was filled by other transportation like cars, trucks and airplanes but because they assumed themselves to be in the railroad business rather than in the transportation business.
The reason they defined their industry incorrectly was that they were railroad-oriented instead of transportation oriented; they were product-oriented instead of customer-orient.
Another example is the movie industry, were Hollywood barely escaped being totally ravished by television. Actually, all the established film companies went through drastic reorganizations and some simply disappeared. It is all because they define its business incorrectly; they thought it was the movie business when it was actually the entertainment business.
Firms should know how to react on the changing needs and wants of their customer. Organization must 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, and so that they can think for the product or services that their to produce which their customer can purchase.As previously noted, readers’ overall reaction to "Marketing Myopia" is, well, dismissive at best and disparaging at worst.
Within that context, nevertheless, there is a significant gender divide. Generally speaking, female readers dislike Levitt’s style of writing and abhor his forceful textual persona. The term “Myopia” means short-sightedness in vision.
Marketing glossary has borrowed this term to aptly describe the short-sightedness by a company.
Thus “marketing myopia” means a short-sighted and inward looking approach to marketing that focuses on the needs of the company instead of defining the company and its products in terms of the customers’ needs [ ].
Sep 12, · Marketing Myopia was a seminal, epoch-making article written by Theodore Levitt; originally printed in the Harvard Business Review (HBR). At the time of the publication of this article, Theodore Levitt was a lecturer in Business Administration at the Harvard Business School; now, he is a full-fledged professor.
Marketing Myopia, first expressed in an article by Theodore Levitt in Harvard Business Review, is a short-sighted and inward looking approach to marketing which focuses on fulfillment of immediate needs of the company rather than focusing on marketing from consumers’ point of view.
reputation, "Marketing Myopia". First published in , and republished on many occasions since, "Marketing Myopia" is reputedly the best-selling HBR reprint of all time.
research and development activities, marketing and activities which are costly in the early years are determined, have been sacrificed in order to achieve the short-term profit and capital market reaction on myopia managers.
At last, as expected there is a negatively significant relationship between managers’ myopia and abnormal returns.