Review of Literature on Marketing Myopia

BHO6505 ASSESSMENT 1- REVIEW OF LITERATURE ON MARKETING MYOPIA.

Technology and Customer’s needs are the two factors which keep changing and those two areas are where the executives must concentrate and review their strategies in accordance to the transformation, and look at the benefit rather than just selling the products, this the theory explained by Theodore Levitt in his HBR journal in 1960, I strongly believe that time has changed but customers behavior and their expectations remain constant, they want value for money, at the same time businessmen want profit for their goods. Till the time these factors rule the marketing strategy, Levitt’s theory will remain appropriate to today’s business, to support my statement. I would like to put an insight of this in detail.

According to Levitt’s perception to the failure of many businesses is due to the fact that the marketers have conceived their business just as the products instead of its relevant function to the customers, for instance Kodak company which was introduced in 1900 remained as the prime name for the quality for filming and camera’s but later its competitor Polaroid entered in the market with new innovation and introduced digital cameras, unlike Kodak remained producing same and “marketed themselves as ‘we make films’, rather than saying ‘we create storage possibilities for memories.’” (Bryan Lukas) and the Polaroid caught the customers attention and niched its place in the market. This illustrates that marketers need to change according to the needs of the customers and update themselves catering to their desires.

In line with the views of Levitt’s Robert F.Lusch and Stephen L.Vargo had another perspective to the marketing strategy, they believed that “competition can be advanced through service” and supported their approach with that of a Service-Dominant logic (Vargo and lusch2004) social media played a prime role to integrate service-dominant logic and a good example for this is the sale of Dell’s Linux laptop, its marketing strategy was mainly dependent on online demand and customized the individual needs which led to an improvised customer satisfaction, hence such service orientated businesses always achieve success in today’s techno world. As people demand for reliable service apart from quality products. Another aspect of this journal has emphasized on 4P’s and a