Criticize of Marketing Myopia article Essay Example | Topics and Well Written Essays - 1000 words

Criticize of Marketing Myopia article - Essay Example He argued that there is no such thing as a growth industry, what is there is growth opportunities that one should take advantage of to enhance their welfare. Levitt also gives people a better understanding of misconceptions like the belief that growth is guaranteed by an expanding population. Instead, the commodities released should target a certain gender or age. He also shows that mass production does not always yield as expected due to imbalances in the scale of production. Mass production results to low cost per unit as the output increases. In production, one should focus on the quality of produce rather than the marketing. Good quality output markets itself as compared to poor quality ones that have to be pushed into the market. Since most enterprises needs lie on maximizing profits than it is more appropriate to focus on the company’s needs rather than customers’ needs. A brilliant marketer creates products that suit the consumer and are affordable. Good quality products in the market gain popularity faster when compared to poor quality ones by competitors. This gives the market true illusion of what your products are like. Theodore Levitt gives companies a clue on how to maintain efficiency with its rising popularity. An increase in output quantity tends to reduce unit cost, and if not monitored it pulls down the business. Through maintaining efficiency, companies are likely to enjoy larger profits and experience growth. He discards the belief that no competitive substitutes of outstanding products exists in the market. This is an entirely irrational belief. Every product in the market have their substitutes, it is only that you have not done the research on more products in the market. He mentions that, we should not focus on short-term benefits. The long run benefits, which most of the firms are not ready to wait. With changing times, people tend to change on preferences and tastes and therefore this prepares the business firms for these changes in the future. The short focus is what the author refers to as myopia. He gives examples of the railroad and oil industries that can be taken over by other close competitors. He adds that there is no guarantee on product obsolesce and gives an example of petroleum products which were used since time immemorial up to date but has never been exhausted. Technology improvement cause this and the discovery where other sources of energy have been resolved to hence the decline on use of petroleum products. The most salient thing on Levitt’s article is on maintaining the business in the market for the longest time and enjoying maximum profits. Business firms should set long-term goals to help them serve their customer needs in a more appropriate and reliable manner. This helps the products get established and therefore with time It dominates the markets. However, what Levitt has missed out is that he only talks of myopia back then not putting into consideration the present t imes whereby myopia has taken a different turn. There exists new forms of myopia especially where entrepreneurs’ get single minded instead of venturing into different fields in the market. Maybe accommodating other stakeholders in the market would help enhance venturing into the diverse existing opportunities. Another problem comes in when the firm misinterprets the true definition of a customer and satisfying their needs. With the changing times consumer