Summary of Marketing Myopia
Theodore Levitt's work clearly lacks the sign of myopia; it is an early recognition of a phenomenon within most of the industries. Although, at the time, when this article was written, generally accepted marketing strategies and the idea of marketing mix were known to management, sales and marketing often got confused as the same method to distribute goods to consumers. Industries near-sightings stopped them to recognize the market's need. Managers kept producing the same product regardless to the change of customer needs, and try to sell them on the market. However, Theodore Levitt sees a more threatening problem to the industry.
Managers inside the different industries fail to recognize the industry itself, which their company prospers within. The author points out that the companies have to broaden their perspectives about their industry, and recognize the "real" industry itself. For example, companies, placing themselves within the oil industry, should recognize that they are actually part of the energy industry, and should change their marketing strategies according to this industry's need.
Market Street
Valued Customer
CustomersThe consequences of the identification failure of the right industry are dramatic. Railroad companies went bankrupt due to the misidentified industry. Railroad companies should have recognized that they were part of the transportation business and should have changed their marketing mix according to this. Some industries are especially shortsighted in the identification of their marketplace and customer needs. The oil industry is still certain that oil is one of the basic "needs" of the customers. However, customers need transportation and not necessary oil. If any other convenient solution comes up to satisfy the customers' need for transportation, the oil industry will be in trouble. Thus, the oil industry should be the first one to find more convenient solutions to satisfy the customers' needs so it can...