Interactive SessionOn

Marketing Myopia

• Every business wants to succeed

• Maximize profits

• Spread awareness

• Gain market share

• Be the hottest thing in the market (Synonymous)

Sustained growth depends on how broadly you define your business—and how carefully you gauge your customers’ needs.

  

Background

• Theodore Levitt, the author of Marketing Myopia, posted a famous question ‘What business are you really in?’

• The name given to the theory that some organizations ignore the fact that to be successful, the wants of customers must be their central consideration.

• Examples:

MicrosoftKodakMySpaceRailroadsHollywood

  

Definition

Microsoft - SoftwareKodak - PhotographyMySpace - Social NetworkingRailroads - TransportationHollywood - Entertainment

  

Examples

1) Error Of AnalysisNo Imagination of the opportunities that can be created

2) Shadow Of ObsolesceBeing Replaced with innovation from inside the same

industryDry CleaningShopping

There are only companies organized and operated to create and capitalizeon growth opportunities.

  

Factors

  

Myths

Marketing Myopia

Focus On Just One Product

and Win

Innovation Is Crap

Our R&D will change the

planet

Mass production Will

Help Us

Population MythMore and more cars are coming out that means fuel would

be consumed hence not focusing on how to expand how cars would get fueled up.

The myth being no other possible solution would pop up in the consumers head.

Innovation? What Innovation• If oil companies would have realized that gas, being a bi-product

at that time could be marketed to low-end consumers and sold on high volume basis they could have innovated instead they gave chance to other companies.

  

Production MythMore units of the “Product” are produced to reduced unit

costs and the company gets carried away on selling but not marketing to fulfill the need of the customer.

The R&D We Do is Ultimate• Companies focus more on technical R&D lead by scientists and

engineers rather than people with more focused towards human needs and wants like psychologists and marketers.

  If thinking is an intellectual response to a problem, then the absence of a problem leads to the absence of thinking

Consumers are:

1) Unpredictable2) Varied3) Fickle4) Stupid5) Shortsighted6) Stubborn, and7) Generally bothersome.

  

Consumers Mind

It is not surprising that, having created a successful company by making a superior product, management continues to be oriented toward the product rather than the people who consume it

The CycleThe problems that exist in the world today cannot be solved by the level of thinking that created them

By Albert Einstein

Focusing on the customer’s satisfaction and needs, the industry has to re-innovate its mission, vision and goals.

Apple - Consumer Tech GoodsGoogle - Online IndustryVirgin Group - Almost Within Every Industry On The planet

  

Success Stories

http://www.youtube.com/watch?v=cFEarBzelBs

http://www.youtube.com/watch?v=v9iutvmE_28

  

Videos

Thankyou