Wait a second!
More handpicked essays just for you.
More handpicked essays just for you.
Summary of theodore levitt's marketing myopia
Summary of marketing myopia by theodore
Don’t take our word for it - see why 10 million students trust us with their essay needs.
Recommended: Summary of theodore levitt's marketing myopia
Theodore Levitt’s contribution to marketing is undoubtedly un-measurable in any quantity, un-describable in a matter of words and unfathomable to any one who did not have the chance to meet the legendary scholar. The German moved to America after serving in the Second World War, where he received a PhD from the Ohio State University in economics. He later acted as a Professor in Harvard Business School and went on to become an editor for the “Harvard Business Review” (1985-1989). Through the captivating articles he wrote for this, he changed the face and idea of marketing completely. What could have once been summed up in four Ps; price, product, place and promotion, now had depth, dimensions and true meaning. In a few short pages Levitt had the ability to expand, alter and moderinise marketing. The economist managed all this through his compelling article “Marketing Myopia” in which he describes how too much attention is paid to the product and not enough to the consumer. This was a foreign outlook, which no longer looked at just the physical good and maximizing profits but at who was purchasing this product and attempting to entice them to repeat purchase. He saw globalisation as a future phenomenon and saw standardisation as key to global success for a business. Theodore Levitt also had a profound impact on the lives of his students, colleagues, family and friends. He influenced them to think in new ways and to push the boundaries on how they saw the world. The German-American professor contributed greatly to the world of marketing and looked at businesses, selling products and service and where and how to sell them, in a new light.
Levitt’s article “Marketing Myopia” (1960), which won the McKinsey Award in 1960 (h...
... middle of paper ...
...with the improvements in technology. Everyone wants what everyone else has. The days of customisation and originality are long gone. His ability to influence new thinkers was he greatest attributes. He was both provocative and startling which made him so bold and brilliant. People were intimidated by his presence and wanted to keep up with him. His trail of thought never stopped and he unconditionally allowed this brilliance to be shared with all of those whom he came into contact with. His writings and words touched the lives of various people and allowed them to explore new areas. Theodore Levitt’s contribution to the marketing world knows no bounds nor will it ever. His simplistic, long-term, future focused ideas changed the world of business and served as a spin-off effect for other scholars allowing his work to assist in the future of marketing.
Kotabe, M., & Helsen, K. (1998). Global marketing management. Temple University. New York: John Wiley & Sons.
The three chapters assigned to be read out of Satisfaction Guaranteed: The Making of the American Mass Market, a novel by Susan Strasser, outline the consumer culture of the United States around the end of 19th century, following the conclusion of the civil war. The chapters work chronologically and describe the rapid evolution of companies’ production, advertising and branding techniques. The reading also hits some of the main goods introduced at the time, most of which we still use today, and the troubles that companies faced convincing the public to invest in (purchase) their product for the first time. The problem with introducing thousands of products that no one had ever heard of? Most people will naturally pick the safe bet when spending
[2] Tedlow, Richard S. "Mass Marketing in NJ." New and Improved: The Story of Mass Marketing in America. New York: Basic, 1990. N. pag. Print.
As a matter of facts, from his perspective in recent decades marketers have been able to supplant the market logic in almost every area of our life: medicine, education, government, law, art, sports, even family life and relationships personal. Market logic invaded spheres of life that in the past were barred.
There is an undoubtedly enormous influence on the world by consumerism. Consumerism and capitalism shape the nation that we live in today. Everyone knows this because they see advertisements all day long on television, on the radio, on billboards and through hundreds of other mediums. Unfortunately, what the world is not exposed to is what goes on behind the marketing and the ultimate final sale. There is a dark side to capitalism created not only by shady merchants, but the worldwide multi-national companies as well. What both of these excerpts portray is the idea that there is more to the products we buy than we are told, or unfortunately, that we bother to ask about. Through the use of interviewing, traveling, and criticism, these authors do a fine job in analyzing the relationships between branding and marketing, and more importantly, between our modern day consumption habits and hidden production processes.
This research seeks to reveal the importance of marketing strategies in today’s complex and competitive business world. For this reason, this study will discuss various theories, issues and approaches of the marketing linking them with W.L. Gore & Associates and thereby propose the best options, ideas, strategies and techniques for the improvement of the company. To reach the points, this study will especially collect secondary and qualitative data and information.
After the use of Reese’s Pieces in the movie E.T. product placement has risen to extreme heights. Some ask the question if product placement was around before the popular use of it in E.T. Research has proven that this form of advertisement has been around and used since the beginning of cinema, Ben Kozary states “the first reported product placement occurred in 1896, with the deliberate integration of Sunlight Soap by Unilever into several Lumière films” (2) from his paper “The Influence of Product Placement Prominence on Consumer Attitudes and Intentions: A Theoretical Framework.” This makes product placement one of the longest running uses of advertisement around. Product placement in movies and television shows, while unethical in some situations, is the most preferred and effective form of advertisement today.
Marketing Myopia is a short sighted method or narrow minded view of marketing where businesses define their markets in terms of the products or services offered and fail to focus on consumers’ or market needs. They therefore fail to understand and adjust to the rapid changes that happen in the market.
Armstrong G. & Kotler P. (2007) Marketing: An Introduction 8E Upper Saddle River, NJ Pearson Prentice Hall Publishers
Ferrell, O. C., & Hartline, M. D. (2014). Marketing strategy: Text and cases (6th ed.). Mason, OH: South-Western/Cengage Learning.
In all reality, all businesses will, in some way shape or form, complete all of the marketing activities, even if completing these activities is not their main goal. (Dlabay 2006.) These marketing activities are product, place, price, and promotion. A business tool called that marketing mix takes all of these activities and puts them together in a way that can be used to help improve a business’s marketing strategy. Product is what the company is selling; Place is where the consumer will obtain this product; Price is what the consumer will pay for the product; Promotion is any type of communication that is intended to remind, inform, or persuade. (Dlabay 2006.) The marketing mix and the four P’s describe very well what business marketing is all about.
Petty Ross D. Editor's Introduction: The What and Why of Marketing; American Business Journal, Vol. 36, 1999
Marketing is not a static construct, but it grows and develops over time to become what is known as marketing today. “The marketing revolution divides neatly into four separate eras’, eras’ which parallel rather closely the classic pattern of development in the marketing revolution.” (Keith, 1960). The first of these 4 eras was until the 1930’s and was production and profit orientated, and are considered to be outdated. During this era “the new product decision was product oriented not marketing orientated.” (Keith, 1960). “The second era was a sales oriented era, whereby marketing was seen as a series of activities designed to produce profit through ascertaining, creating, stimulating, and satisfying the needs/wants of a selected segment of the market.” (Eldridge, 1970, p. 4). The 3rd and 4th eras are a representation of what
Before starting the module; Marketing Theory and Practice, I had a perception that it would be a bulky module and challenging to cover in a short time span. However, my thinking totally changed after starting the module as I found Marketing flexible, understandable and highly relevant to the business world. My expectation in marketing was to learn fundamental marketing theories and techniques that would help me build a sustainable business that would extend across the borders of my home country. This essay is going to cover weeks 20, 21 and 22 that is International Marketing, Marketing ethics and CSR, Managing Marketing Implementation
“Our greatest fear is not in never falling, but in getting up every time we do.” – Confucius