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  • Every year, some 30,000 new consumer products are launched,

  • and 90% of them fail.

  • A key reason is what the late Harvard Business School

  • professor Theodore Levitt famously

  • termed marketing myopia--

  • a nearsighted focus on selling products and services

  • rather than seeing the big picture

  • of what consumers really want.

  • As he used to tell his students, people

  • don't want to buy a quarter inch drill.

  • They want to buy a quarter inch hole.

  • The railroad lines are a classic case study.

  • They fell into a steep decline because they

  • thought they were in the rail business,

  • rather than being providers of transportation.

  • Instead of branching out into cars, trucks, or airplanes,

  • they let other companies steal away their passenger

  • and freight traffic.

  • Or take oil and gas companies.

  • They belatedly started to think of themselves

  • as energy providers.

  • But they still devote most of their resources to petroleum.

  • If they fail to develop alternative fuels,

  • they risk becoming companies without an industry.

  • Many others have made, and continue to make,

  • the same mistake.

  • Organizations invest so much time, energy, and money

  • in what they currently do that they're blind to the future.

  • They get lulled into thinking they're in a growth industry,

  • rather than continuously capitalizing

  • on growth opportunities.

  • To avoid the same fate, leaders should ask themselves--

  • what business are we really in?

  • They need to understand that the goal isn't to sell things,

  • it's to satisfy customers, and accept the fact

  • that most existing products and services can and will

  • be replaced by competitive alternatives.

  • Then, they can identify new offerings

  • that meet consumers' needs sooner than any existing

  • or potential competitor.

  • That's the cure for marketing myopia.

Every year, some 30,000 new consumer products are launched,

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B1 US myopia satisfy marketing inch existing quarter

The Explainer: Don’t Just Sell Stuff — Satisfy Needs

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    jbsatvtac1 posted on 2019/08/15
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