'Marketing Myopia' by Theodore Levitt struck me as an interesting article, especially so, since it was written in 1960, but still some of the key issues outlined by him are relevant even today. The myths outlined that cause the risk of obsolesence were very thought provoking. In today's world of economic recession, I can see the emphasis given to reducing unit costs in mass production, as we are all struggling to do more with less. The focus that is internal to us, where we look at what we can accomplish with the limited budget we have and prioritize based on our ability or perception of the market, as opposed to what the customer really wants, can be attributed to the lost market advantage that was once enjoyed by many firms and taken for granted.
The author hits the nail on the head when he also talks about the Step Child treatment of marketing as compared to R&D, production etc. I have seen in my own companies where the sales and the marketing groups are the ones that are most impacted when there is a need to reduce costs. The 'keep the lights on' strategy that is adopted in such cases mostly cuts out customer focus that is key for survival and long term growth.
The need for great executive leadership, who clearly knows where they want to go and also can get the entire organization enthusiastically on board with them is another key requisite to ensure success in the long run. The long term vision and goals that they set for the organization as a whole will be the key foundation that drives each of the organizatioal initiatives and if they are myopic, their existence in the market will also be short lived.
The author hits the nail on the head when he also talks about the Step Child treatment of marketing as compared to R&D, production etc. I have seen in my own companies where the sales and the marketing groups are the ones that are most impacted when there is a need to reduce costs. The 'keep the lights on' strategy that is adopted in such cases mostly cuts out customer focus that is key for survival and long term growth.
The need for great executive leadership, who clearly knows where they want to go and also can get the entire organization enthusiastically on board with them is another key requisite to ensure success in the long run. The long term vision and goals that they set for the organization as a whole will be the key foundation that drives each of the organizatioal initiatives and if they are myopic, their existence in the market will also be short lived.
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