A Summary of Marketing Myopia Essay

AbstractThis document summarizes the work of Theodore Levitt in his work published in The Harvard Business Review titled Marketing Myopia. Levitts work details the reasons increase industries are actually not that at all, and how organizations fail crossways the globe in regards to marketing. In addition, the document will correlate Levitts work in 1960 to contemporary marketing.Keyword Theodore Levitt, marketing improvidence, contemporary marketingA synopsis of Marketing MyopiaMarketing Myopia by Theodore Levitt was published by Harvard Business Review in the summer of 1960. According to Levitt (1960), all industries are growth industries and the failure of industries is not because of marketing saturation, still because of management. Levitt uses the oil industry, automobile industry, transportation industry, and electronics industry to support that notion. In addition, Levitt details how population has no effect on business success. Lastly, Levitt summaries what is necessary to avoid the marketing myopia syndrome from an overview.Levitt opens his work by point out that failure is at the top. In a more specific response, failure of the organization rest on the top executives who are responsible for broad aims and policies (Levitt, 1960). To support his whim, Levitt utilized the railroad track and Hollywood movie companies as examples. Levitt explains the railroad did not fail because passenger and freight transportation declined, but because the railroad failed to supply the customers need (Levitt, 1960). Levitt continues with Hollywood explaining that they did not fail because TV shows they failed because management classified advertisement them as the movie business instead of the entertainment business (Levitt, 1960). Levitt continues to support his notion by indicating what saved Hollywood. Levitt explains, it was not aresurgence of customers to the movie industry, but in fact was a surge of young new writers.Levitt continues the explanation of M arketing Myopia by ruling out the population myth. According to Levitt (1960), the idea that profits are assured by and expanding and more affluent population is dear to every industry. However Levitt continues by indicating that this myth is undergoing a fundamental even typical change (Levitt, 1960). The population myth attempts to explain that if large quantities of people need the product then product development to replace the current specific is not necessary. According to Levitt (1960), the petroleum industrys efforts have focused on improving the efficiency of getting and making its product, not really on improving the generic product or its marketing. Therefore, the petroleum industry owes its continued success to other product developments.In order to avoid marketing myopia companies must make four steps. To begin they must adapt to the requirements of the market, and the faster the better. Second, the company must employ a vigorous leader whose vision and father set th e pace for the company. Third, the entire organization must be customer creating and customer satisfying organizations. Lastly, the company must think of itself as buying customers. coeval marketing focuses on the needs of the buyer versus the seller. Levitts work with Marketing Myopia relates directly to that point. Businesses are no longer able to sit foul and enjoy continued market growth. They must focus on the buyers needs and at the same time take necessary steps to make its proclaim products obsolete. Furthermore, business must focus on what industry they place their product, as with the railroad being in the railroad business rather than the transportation business.In conclusion, Theodore Levitt published Marketing Myopia in the 1960 edition of the Harvard Business Review. The article explains how companies fall to the extinction list in relatively short time periods or are revived by other companies whose product relies on theirs. Levitt explains the four steps companies must take to ensure they do not catch the shortsighted views.ReferencesLevitt, T. (1960). Marketing Myopia. Harvard Business Review, 138-149.