Marketing Myopia – An Update (How Theodore Levitt Changed Our World? A Look at the Impact on Corporate Management after Five Decades)

Abstract

Marketing Myopia was written by the late Theodore Levitt over 55 years ago. His proverbial question, "What business are you in?" cautioned the corporate world to refrain from operating with myopic thinking and "tunnel vision" leading to industry decline. Levitt's main thesis-companies must stay relevant to survive and thrive in the changing world. He reminded business leaders to look at the "big picture"-the "forest" rather than getting absorbed myopically and fixated at the "trees" This paper illustrates the significant impact of Levitt's thesis decades later. It is more relevant today than ever before. It demonstrates how his suggestions changed the corporate world. His advice helped companies reframe themselves so they could adapt to new competitive environment. Those companies that subscribed to Levitt's advice had grown leaps and bounds by constantly reinventing themselves via "corporate metamorphosis" to anticipate and satisfy consumer needs and wants. However, those corporate managers ignoring Levitt's advice in Marketing Myopia should be reminded of the fate of Kodak, Wang computer, Blockbuster, Circuit City, Borders and the ailing U.S. Postal service.