MARKETING MYOPIA

THE TEN GREATEST NEEDS OF ALL COMPANIES

REFERENCE

 https://hbr.org/2004/07/marketing-myopia

Marketing Myopia was an article published In the Harvard Business Reviw in 1964 by Theodore Levitt. It became known for its insightful definition of the difference between Marketing and Selling.  Selling is a needs satisfying process, while Marketing is pushing something that you want to push whether people want it or not...and not changing what you are pushing as new things are being adopted. This myopia led to replacement of previous dominant industries and companies.

Pushing something that people do not want or need based on an GUESSING AND CONJECTURE, and without regard for unintended consequences.

A Refresher on Marketing Myopia

by Amy Gallo

August 22, 2016

Paul Garbett for HBR

Every year, a large majority of product launches fail. There’s debate about exactly what percentage—some say it is 75%, others claim it’s closer to 95%. Regardless of which number is right, there is no doubt that a lot of time and energy go into marketing products that will no longer exist in a year. Why is this? Some of the failure is likely attributable to the fact that many company leaders, including executives, have what’s called marketing myopia—a nearsighted focus on selling products and services, rather than seeing the “big picture” of what consumers really want.

I talked with John Deighton, a professor at Harvard Business School and an authority on consumer behavior and marketing, to better understand this classic concept, its origins, and its relevance to organizations today.

Where did the concept originate?

The term was coined by the late Harvard Business School marketing professor, Theodore Levitt, in a 1960 article by the same name (republished in 2004). The “heart of the article,” according to Deighton, is Levitt’s argument that companies are too focused on producing goods or services and don’t spend enough time understanding what customers want or need. Therefore, he “encouraged executives to switch from a production orientation to a consumer orientation.” As Levitt used to tell his students, “People don’t want a quarter-inch drill. They want a quarter-inch hole!”

“The genius of the original article is that it is so easy to be myopic when it comes to marketing,” says Deighton. “Any marketer is obligated to be concerned with programs, tactics, campaigns, etc. Unfortunately, the clock never stops long enough to answer the question, ‘Why are you doing what you are doing?’ So it’s far too easy to lose sight of the big picture.” The other thing that made the article so significant at the time of its publication is that it reminded CEOs that marketing is part of their job: “[Levitt] tells the leader of the organization: you are in business because you have a customer. Therefore you have to think about marketing,” Deighton explains.

What is marketing myopia?

The myopia that Levitt describes is a lack of insight into what a business is doing for its customers. Organizations invest so much time, energy, and money in what they currently do that they’re often blind to the future. They get lulled into thinking they’re in a “growth industry,” which, according to Levitt, don’t exist. Instead, there are really only companies continuously capitalizing on growth opportunities.

There are several examples in the article that illustrate the main concept, that your product is not your business. Perhaps the most famous is the railroad lines, which Levitt argues fell into steep decline because they thought they were in the train business rather than the transportation business. If those leaders had seen themselves as helping customers get from one place to another, they might’ve expanded the business into other forms of transportation like cars, trucks, or airplanes. Unfortunately, they let other companies seize those opportunities and steal away their passengers instead.

Luckily, there is a cure for marketing myopia. Levitt suggests that leaders ask themselves: What business are we really in? Deighton says that the best way for leaders to answer that question is by asking themselves another: What are we really doing for the customer? Successful companies focus on customer needs, not their own products and services, which can—and will—be replaced by competitive alternatives, either ones they make themselves or those produced by existing or potential competitors.

INQUIRIES WELCOME

The purpose of this form is you to help us understand what NEEDS you have or OPPORTUNITIES you want us to help you to pursue.  Once submitted, we will contact you to discuss options. 

This form will also help you to inquire about curriculum for SFBDG LIFELONG LEARNING CENTER. You will receive answers about your inquiry or instructions on next steps to participate.

https://forms.gle/3kAgR6PoVtodYE627

FORM TO JOIN WISDOM IS PRICELESS™

https://forms.gle/BDQKoLbYGtCSfF8FA

Authored by

ARTHUR ROSENFIELD,

Recognized as a "Center of Influence".

Watch for his new service and broadcast coming to WisdomIsPriceless.com TM

Newsletter

Broadcast

Zoom

Mentor

Mentee

Speakers Bureau

© Copyright. Arthur Rosenfield. All Rights Reserved 1995-2024