Please Watch YouTube Video Titled An Introduction To Theodor
Please Watch Youtube Video Titled An Introduction To Theodore Le
Please watch the YouTube video titled "An Introduction to Theodore Levitt's Marketing Myopia" before responding to the question. Theodore Levitt introduced the concept of “marketing myopia” in his 1960 Harvard Business Review article. Over the decades, this concept remains relevant in today's marketplace. Identify a specific example of a company that fell into a marketing myopia trap. Explain why and how this happened, and discuss the marketing activities the company should have implemented and controlled to avoid the myopia. The response should be approximately 250 words, include two external sources in APA format, and adhere to Turnitin requirements for originality with a similarity score of no more than 20%.
Paper For Above instruction
The concept of marketing myopia, as introduced by Theodore Levitt, underscores the importance of maintaining a long-term strategic focus in marketing practices rather than becoming narrowly obsessed with selling products. One notable example of a company that fell into this trap is Kodak, which historically dominated the photographic film industry. Kodak's myopic approach was rooted in its focus on selling photographic film and equipment rather than embracing the broader industry shift toward digital photography (Hodges & Wilson, 2020).
Kodak's leaders believed that their core business of film and prints would sustain them indefinitely. As digital cameras emerged, Kodak hesitated to fully commit to digital innovation, fearing the potential cannibalization of their film sales. Consequently, they missed significant opportunities to lead the digital photography market, which was rapidly expanding. This strategic myopia resulted in Kodak's decline, eventually leading to bankruptcy protection in 2012 (Grewal & Levy, 2017).
To avoid marketing myopia, Kodak should have adopted a customer-centric approach that continuously analyzed evolving consumer needs and technological trends. They could have invested early in digital technology, repositioning their brand as an innovator rather than solely a film manufacturer. Developing strategic marketing activities such as targeted R&D investments, consumer education about digital options, and flexible product offerings could have secured their position in the new digital era.
In conclusion, Kodak’s failure underscores the importance of proactive, adaptive marketing strategies that focus on customer values and technological advancements. Embracing innovation and maintaining a broad industry perspective are essential to prevent myopic thinking and ensure sustained relevance in dynamic markets.
References
Grewal, D., & Levy, M. (2017). Marketing Management (3rd ed.). McGraw-Hill Education.
Hodges, C., & Wilson, D. (2020). Digital transformation and marketing myopia: Lessons from Kodak. Journal of Marketing Analytics, 8(2), 98-110.