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In any field, they likely have one thing in common: These companies prosper and expand by combining a few fundamental business concepts and practices: An acute understanding of customer needs, An astute awareness of their markets, The right price, Great salespeople and partners, and Successful introduction of new products.
Not coincidentally, all of these features are essential elements of marketing. Marketing is much more than Pantone colors, social media backlinks, and visually appealing direct mail pieces. Marketing is the engine that creates customers and drives business. Although these ideas might seem obvious, in reality many marketers do not embrace them.
This failure hurts both the marketers and the organizations they work for. But where did these ideas come from?
Modern marketing stands of the shoulders of many great thinkers. In this chapter we focus on the writings of five particularly influential marketing giants — Peter Drucker, Ted Levitt, E.
If your goal is to create a successful brand — andof course, to craft a successful career in marketing — then understanding the power of marketing through the eyes of these giants is essential. Peter Drucker Peter Drucker is widely recognized as a seminal figure in modern management, so it may seem strange to begin a book on marketing by examining his work.
The German-born Drucker is perhaps the best-known and most influential thinker on management theory and practice.
This list barely scratches the surface of the major contributions contained in his 39 books. Few executives truly understand what marketing is and the power it holds. To them, Marketing is the department that keeps the website current and pays an agency to create attention-getting ads.
Given the ubiquity of marketing in modern businesses, why do so many executives fail to appreciate its true value? One possibility is that these individuals are simply unaware of all the work that goes into making the phone ring, encouraging a shopper to reach for your product, or enticing a prospective customer to respond to your online ad.
Drucker flips this perception on its head.
Rather than focus on the effect, Drucker looks at the cause, which marketing has a lot to do with. Those objectives are measures of a business, but they are not its purpose.
Rather, according to Drucker, business exists for only one reason — to serve the needs of its customers. Drucker goes one step further: After all, does any other department spend as much time strategizing to identify, reach, appeal to, and maintain customers as marketing?
Drucker agrees with this assessment of the critical role of marketing. In his own words: Truly understanding these needs and then working to deliver on them are the keys to creating customers. Drucker also debunks a common misconception concerning the relationship between the Sales and Marketing departments.
This is actually a polite way of saying that Sales should be free to make demands on Marketing, and Marketing should give Sales what it wants. Drucker takes this idea a step further: Although this concept seems quite provocative, it is essentially sound: Drucker had a talent for examining what was right in front of us and presenting it in a plainspoken, straightforward way that was accessible to anyone, regardless of his or her function.
We were not in either of those businesses.
Levitt created this term to refer to a highly restrictive view that many business executives hold and the damage it can cause. Levitt argued that had the railroad industry stepped back and taken a broader view — that it was actually in the transportation business — it could have rescued itself.
The rest, of course, is government-subsidized history. In Marketing Myopia, Levitt sums up the fate of the railroad industry:In "Marketing Myopia," Theodore Levitt offers examples of companies that became obsolete because they misunderstood what business they were in and thus what their customers wanted.
He identifies the four widespread myths that put companies at risk of obsolescence and explains how business leaders can shift their attention to customers' real. In Marketing Myopia, Theodore Levitt offers examples of companies that became obsolete because they misunderstood what business they were in and thus what their customers wanted.
He identifies the four widespread myths that put companies at risk of obsolescence and explains how business leaders can shift their attention to customers' real needs. Marketing myopia does not prescribe being myopic about marketing.
If there is one article worth reading in the reams of marketing literature, it is this (Marketing Myopia, by Theodore Levitt. View Marketing Myopia_Executive leslutinsduphoenix.com from BUOL at University of the Cumberlands.
GROWTH STRATEGY Marketing Myopia by Theodore Levitt FROM THE JULYAUGUST ISSUE Executive Summary This. Executive Summary During the past half century, in general, marketers have heeded Levitt’s () advice to avoid “marketing myopia” by focusing on customers.
Introduction. In line with Levitt (), Marketing Myopia refers to the narrow view of myopia, marketing and business environment.
This kind of advertising program without any demand with clients but an organization will is to sell goods or services within particular economic markets.