Marketing is the key to a successful industry. This was the main idea I found as I have read the article, Marketing Myopia by Theodore Levitt. When we speak of marketing usually the first thing that pops out into our mind is sales. Well, that is in fact correct but that is not enough to solely define marketing. So what then is it? As explained in the article, marketing is satisfying the needs of the customer.
In the field of marketing consumer is the number one priority, for they have the say to what product will sell. A company or industry which follows this kind of method is described as customer-oriented. They concentrate on the consumer and gratify their satisfaction. In doing so, there are a lot of great opportunities in stored for them. One, they will be able to develop new and improve their current products. This is important to avoid obsolescence and competition from other industry. Two, products will be produced with a lesser cost. Since they know what the consumer wants, they would scout for materials needed only for the product and nothing else more. And lastly, three, being costumer-oriented the industry will grow bigger not worrying about failure in the near future.
However it is sad to know that there are numerous industries that experience failure. This is because they use a different approach in marketing their product. Instead of focusing on the consumer, they give more attention on their product, making them product-oriented. In this arrangement marketing is none of their options rather they concentrate more on product development. Concerning them how to convert their product to cash. Levitt doesn’t recommend this kind of method because it has a cursed cycle that no matter how bountiful the industry grows, it will surely end as a failure.
There is achievement in both customer-oriented and product-oriented. The difference is that the former is set for long term purpose, while the latter is set for short term accomplishment. However...