Marketing Myopia Essay Example | Topics and Well Written Essays - 1000 words - 1

Marketing Myopia - Essay Example This article helps define a path that should be taken by marketers if they intend to avoid common and destructive mistakes. The management of a company may make several errors that are discussed in the paper. Sometimes, the company’s scope is incorrectly defined, and this creates a restriction for this company which hinders future growth. Furthermore, sometimes the unique selling proposition of the company’s product may become obsolete, and since management does not renew nor revive the proposition, the customers lose interest and soon forget about the product. Baseless assumptions and complacency are also two mistakes suggested by Levitt. A huge problem may arise if management focuses on supply-side policies and overlooks demand-side policies and conditions; if a strong and lasting bond with the consumer is not created, it is likely that the brand or product will not be successful. Another failure on the part of the company’s management is if they become so sing ularly focused on the future that they fail to acknowledge the circumstances they face in the present; with no proper strategy to deal with current issues, the company will not be left capable to deal with the future issues it was focusing on. In a nutshell, management’s main strategy should be one with a visionary approach and one which simultaneously focuses on the company’s customers as the most important asset of the company. This is the only asset which will function as the company’s life jacket during an economic or financial crisis. A second, most critical approach is how the business’s scope is defined; if too restricted and narrow, it will hinder and may even halt growth and progress. As a result of a thorough critical analysis of Levitt’s work, some strengths and weaknesses of his work come to light. Levitt’s article has garnered much praise and critical acclaim over the years. Researchers and scholars of marketing found his work e xceptionally valuable to their study and ground breaking in numerous aspects because the theories presented by Levitt are relevant and applicable across different industries, businesses and even across different times. Originally proposed and modeled on the business environment of the 1960s, theories and scenarios presented in â€Å"Marketing Myopia† are still as relevant and applicable today in the business environment of the 21st century, a half century later. This makes it valuable for researchers studying the business environment and also for students learning about marketing in the corporate world today. Not once do the scenarios, situations and examples presented seem obsolete or irrelevant in anyway. Furthermore, the example scenarios given by Levitt through the course of this essay are further explained through the use of easy to understand, practical examples that increase the validity of the case he is presenting while simultaneously making his point of view clearer by explanation and illustration in the mind of the reader. The policies proposed by Levitt can be applied to real life businesses these days such as supermarkets and oil companies. Supermarkets can use the strategy to create a demand for the products which are becoming obsolete. They can also use it to promote their brand by launching new schemes and thus increasing the