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Marketing has been defined as the activity or process of exchanging or delivering those offers or products that have been valuable for clients, customers, and society as a whole. Marketing myopia is used in marketing that has been written by Theodore Levitt. While delivering conception of industry, he pointed out towards short-sightedness of a product or service provided by industry. This article highlights many business strategies, tactics and plans as well. In this article, Levitt has highlighted the fact that all industries are growth industries but if any industry fails to grow it is just because of the failure of management. Failure as a fact has occupied the central place, when it comes to the field of industry or business and it does not matter which industry one talks about as failure comes at the top of all industries.
Concept of marketing that has been given by Levitt is quite understandable. One who wants to know the hidden reality about mantra of success and failure of any industry should go through this article once. One of the main things that have grasped my attention is that the author not only focused on one industry instead he tried to cover all major industries starting from railway to modern day electronic (Levitt,et,al,1960). While reading this article, I came to know that it is the executive whose indulgence and diligence for making policies and strategies in order to run an industry matters for deciding future of an industry. If the head or executive of an industry is going to be efficient for coping things sensibly and would plan out right marketing policies at right time only then industry would come in the list of promising and growing marketing industries. Another idea that helped me a lot in understanding concept of marketing is that there are always numbers of competitor in one industry and they always try to know what their customer demands, by focusing more attention on the need of buyers than that of sellers. A business would grow only when an industry is going to be more concerned more about its buyer than anything else.
I should say, each industry should be more concerned about the product that it delivers, such as an industry of railroad should make products for railway only as it would be non-logical to make products that would promote bus transportation business. According to me, there are mainly four steps that define a successful industry, first is, a business must adapt all those things that are being required by customers or that specific market in which an industry operates, secondly any successful industry needs a vigilant and vigorous leader who has a clear vision and foresight for making his company one of the best in that market place. Thirdly, the whole organization should work together as one body for making and satisfying customers and lastly, a marketing industry should be focused on its aim of increasing the numbers of its buyer.
As a whole, it could be concluded that in this article, the author has discussed main tactics and strategies by which companies that stand at the edge of extinction gets replace by other companies that work in the same market but with different strategies. After reading this article, I came to know that management and leadership of an industry would be the decisive figures for a business. I assert that Levitt was a visionary man who underlined such subjects in his creation, in 1960 about many industries like train, Hollywood, petroleum and many others that turned out as correct even after many years of its publication. One who is interested in marketing should read this article, for having a good start by gathering basic knowledge about marketing field.
Levitt, Theodore. Marketing Myopia. 1960.
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