Business growth is highly determined by the quality of management. Marketing is one of the key areas observed in the management sector as it plays a huge role in the product or service selling which promotes the growth. Theodore Levitt, one of the famous business analysts, commented that the dependence of increase in business depends on its broad definition and gauging of the customers’ needs in the article of Marketing Myopia. This is his notion that customers need is catered for, business growth is imminent. This paper entails response of this concept being relevant in the 21st century as the expressed in this early article of Marketing Myopia (Levitt).
The first relevance is witnessed on the subtitle of fateful purposes on the article (Levitt, 2). On this section, the author identifies the business executives as the responsible members for the failure of industry growth. This is the solid truth since they are the ones involved in making the business decision of whether considering the customer’s needs or concentrating on sales and production. The best example to explain this is the Entertainment sector specifically Netflix. The executives, in this company, have widely focused on satisfying their customers with entertainment, thus making versatile channels, such as; having television channels, a wide variety of movies production and websites for easy access to their products. The prioritization of client’s satisfaction is best explained by the popularization and revenue income.
Another significant relevance is witnessed in the dangers of research and development section. This article illustrates of how transfixion of profits odds in research and development by the business officials determine the growth of the firm (Levitt, 11). If the officials consistently neglect the power of conducting ground research of customers needs, less growth or even stoppage of the enterprise is like to happen as competitors are likely to satisfy the demands with the ground knowledge. The best example to use in the 21st century is the vehicle industry. The production of Lamborghini and Ferrari cars is made without much consultation of the customers’ needs. Nissan Company on the other hand, constantly does field searches and identifies the client’s needs of a car and hence the existence of various types of Nissan cars. With the comparison of the sales made on the Nissan vehicles and the fast car companies sells, Nissan has high revenue returns, and business growth is strong.
Levitt, Theodore. “Havard Business Review.” Marketing Myopia (160): 15. ~~~For this or similar assignment papers~~~
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