1. Describe your understanding of marketing myopia as described in the article
Marketing Myopia is a short sighted method or narrow minded view of marketing where businesses define their markets in terms of the products or services offered and fail to focus on consumers’ or market needs. They therefore fail to understand and adjust to the rapid changes that happen in the market.
This concept as described in the article “Marketing Myopia” by Theodre Levitt suggests that “Sustained growth depends on how broadly you define your business – and how carefully you gauge your customer’s needs” and therefore executives should ask themselves the important question “What business are we in?”
This view is supported with an example of the railway industry
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Relate those characteristics to a Kenyan organization either in the current status or past status. Justify your answer. ( You must name the organization and show how its management were or are myopic)
A clear example of a Kenyan organisation with the characteristics of a myopic organisation is Eveready East Africa Ltd which was once the country’s leading dry cell batteries manufacturer in Kenya contributing to the largest percentage of approximately 60% of its total revenues. This lead to the closure of its manufacturing plant in Nakuru in 2013 after facing steep competition from counterfeit dry cells and new market entrants.
Eveready had a consistent decline in their sales volumes of its D-szed dry cell batteries in the last five years of its manufacturing of the batteries. This was due to a failure of myopic management focusing on fighting counterfeit batteries instead of reinventing themselves. Eveready probably believed that as consumers in the Kenyan market increased so would their sales of the product and they therefore did not give much thought to how to expand
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For example Safaricom has definied their business broadly by not only being in the telecommunication industry but also in the banking industry. They have continued to reinvent themselves according to their customers’ demands. As they introduced mobile money Mpesa, a need arose for consumers to be able to pay for services and products using their mobile phones and Safaricom then introduced Lipa na Mpesa and then the customers needed somewhere they could save and borrow money and introduced M- shwari. The following strategies should be adopted by marketing professionals to adopt and avoid being
A characteristic of the marketing concept is customer orientation. Business activities are mostly engaged to produce a satisfied customer. They are there to Stress on the desires and wishes of a customer this keeps businesses on track with their target market. The best marketing decisions are completed on the foundation of making a massive impact in the market and towards customers. The consumers/people
Marketing In this day and age is vital for a company to perform at its possible best. Marketing’s main focus is to give great satisfaction to a customer. There are many aspect of marketing, these aspects give marketer’s the tools to help strive for the best possible success they can achieve. They hope that they can create exposure for their brand, product or service.
The company’s vision is “To create a society of people who consciously work for continued improvement of their livelihoods and a greener, cleaner Kenya.” (Maathai, The Green Belt Movement, p 129). The key aspects in the organization’s vision is that people must understand the connection between environmental degradation and unsustainable livelihoods for them to make conscious efforts to improve livelihoods through conserving and taking care of the environment.
It has been observed since the inception of Marketing that marketers target to only specific market and how they identify such market. There are certain criteria or base they use to identify the consumers who they would be serving to. Customers do have unique requirements satisfaction levels and aspirations. Some customers however are similar with respect to their requirements of goods and services. In such case if their needs are identified and they can be grouped in quantities of a specific size then it can be segmented. Now each customer group have specific expectations and businesses must cater to the needs of the segmented that has been targeted.
Marketing is very important to the success of a business. Before people can buy a product or service they have to know about it. However, marketing entails more than just letting people know what your company has to offer. Throughout this paper, I will define marketing, offering my personal definition as well as more formal definitions from other sources. Furthermore, I will explain to the reader the importance of marketing to organizational success giving real world examples in support of this explanation. The field of marketing can include many things. I believe, however, the most important thing which it should include is communication with customers as to the value and benefits of using that particular company's products and services. It should help to establish the business's niche in the industry and distinguish it from other such businesses.
Once segments of customers have been defined, marketers need to select and evaluate which segments will be worth targeting. Cui and Choudhury (2003) define market targeting as marketing a product to a segment of customers due to the magnetism, for example size or growth, of the group. Marketers are able to select segments using undifferentiated, differentiated and concentrated marketing. By ignoring segment differences ...
With the rise of the economy, consumers have become more and more knowledgeable on selecting their favourable product as a result the organization cannot focus on what it sells but on the side focus on what the customer wants to buy.
In writing the business plan, I determined our target market and our marketing strategy to gain a share of the market. I also had t...
“Marketing is an organizational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders.” (AMA, 2007)
The development of marketing orientation was motivated by the need to dissect in greater detail relationships and behaviours that existed between sellers and buyers. In the old days of marketing (before the 1950s) companies were identifying strategies and tactics for simply selling more products and services with little regard for what customers really wanted. Often this led companies to embrace a "sell-as-much-as-we-can" philosophy with little concern for building relationships for the long term. But starting in the 1950s, as competition grew stiffer across most industries, firms started looking for ways to improve. In 1960, Theodore Levitt, introduced the notion of "Marketing Myopia", which forms the basis of the present day marketing concept. Levitt argued that companies were thinking too much of their product not potential customers.
Choosing a career in marketing can lead a person in many different directions within the defined roles of marketing. Composed of many facets and activities marketing careers offer a variety of avenues for the career minded to explore while offering growth and opportunities for advancement. A common denominator for many who choose a career in this field is the sense of ownership, or entrepreneurial spirit with regards to the products or services that they are working to market. Marketing requires that an understanding of customers’ needs and desires be acquired and then translated into both product development as well as communications as part of the marketing strategy. This paper will explore what is entailed in a career in marketing, as well as what the future holds for the profession. Because marketing professionals are needed by every company and in every industry, the career potential and chances for finding ones niche within the career field are virtually unlimited.
At one of our quarterly All Hands meetings, the president of our division discussed how growing the market share was critically important in the digital banking space. The key goal is to continue to lead this space in the future, but doing so becomes increasingly more challenging as new market competitors try to steal share. To keep ahead, we need to always bring our “A” game to the market. To create blue ocean strategies would require innovation, customer engagement, and out of the box thinking. We have to consider buyer utility, pricing, cost, and adoption. To do this would require us to be strategic about how we design, build and price our products. Even the way the business manages the different consumer segments is important. There is differentiation of the needs of different types of financial institutions. The customer centered brand management strategy we discussed in class is very useful to this type of organization. How we market to large national banks should be different than how we market to small town banks. Generally, small banks do not have the technology budget to invest in large scale digital channel solutions. Many companies decided to have different brands for their different customer segments. We discussed how this works successfully for car companies. For Digital Channels,
In all reality, all businesses will, in some way shape or form, complete all of the marketing activities, even if completing these activities is not their main goal. (Dlabay 2006.) These marketing activities are product, place, price, and promotion. A business tool called that marketing mix takes all of these activities and puts them together in a way that can be used to help improve a business’s marketing strategy. Product is what the company is selling; Place is where the consumer will obtain this product; Price is what the consumer will pay for the product; Promotion is any type of communication that is intended to remind, inform, or persuade. (Dlabay 2006.) The marketing mix and the four P’s describe very well what business marketing is all about.
The ability of the management in positioning and establishing the product is a success in any company that operates for marketing and profit acquisition. Furthermore, the ability of the company and its management to complete and maintain a competitive edge among its competitor throughout the product differentiation is another basis to say that is successful. Also, innovation and the constant development on the product lines and the growing number of customers also define the corporate standing of a company. Effective branding strategy and strong brand name are an important part of the profitable business. But, all the strategies and all marketing theories can be worth nothing without the compliance of the desires of consumers.