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HAI LE CUONG PHAN TUGBA CELIKEL ALPER TASTAN THINH NGUYEN Dr . A. N. M. Waheeduzzaman Marketing

HAI LE CUONG PHAN TUGBA CELIKEL ALPER TASTAN THINH NGUYEN Dr . A. N. M. Waheeduzzaman Marketing Summer II. Theodore Levitt (1925-2006). American economist and a Professor at Harvard Business School and editor of the “Harvard Business Review”

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HAI LE CUONG PHAN TUGBA CELIKEL ALPER TASTAN THINH NGUYEN Dr . A. N. M. Waheeduzzaman Marketing

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  1. HAI LE CUONG PHAN TUGBA CELIKEL ALPER TASTAN THINH NGUYEN Dr. A. N. M. Waheeduzzaman Marketing Summer II

  2. Theodore Levitt (1925-2006) American economist and a Professor at Harvard Business School and editor of the “Harvard Business Review” Made a name by writing and publishing Marketing Myopia in Harvard Business Review in 1960 Popularized the term of Globalization with his article named Globalization of Markets Earned so many awards such as McKinsey Awards for best annual article and Charles Coolidge Parlin Award as Marketing Man of the year in 1970. One of the most important figures in Marketing and Economics

  3. FATEFUL PURPOSES • The importance of defining the industry • Product-oriented strategies vs. Customer-oriented strategies • Examples of some successful and unsuccessful companies in terms of the concepts mentioned above • Railroad and Hollywood • Duponts and Cornings

  4. Shadow of Obsolescence • Superiority products or services and growth industries • Threats to products within industries and remaining unprepared to the improvements cripple the presence of companies • Dry Cleaning, Electric Utilities, and Grocery Stores • The importance of having a good management system and considering the needs of the customers.

  5. Self-Deceiving Cycle • Self-deceiving cycle appears when companies have a lack of market vision and inappropriate own assessment system which will lead them into a failure in the long run. • Four conditions that guarantee the self-deceiving cycle: • Increased population will lead the growth • Assuming there is no substitute for the industry’s major product. • Believing in mass production and decreasing the unit costs will lead the growth • Focusing on creating a superior product without concerning about the customer satisfaction

  6. Population myth

  7. POPULATION MYTH The myth that profits would increase when population is expanding.- this belief leads manufacturers to limited thinking imaginatively.- would purchases increases as a result? How about competitors and substitute products.- mistakes of designing product-oriented marketing in limited sphere.- absence of problem leads to absence of thinking.

  8. Example of petroleum industry 1. Seeking for trouble • Focused on improving efficiency instead of its marketing. • Narrowly defined industry: gasoline instead of energy or transportation (wider terms) 2. Idea of indispensability • Petroleum industry’s belief of no competitive substitutes for their major products. • This idea persists against historic evidences.

  9. Suggested funny videos http://www.youtube.com/watch?v=RQPrI4KgXNg http://www.youtube.com/watch?v=Cz4Unell7Ho http://www.youtube.com/watch?v=MkNeXksKK1o

  10. Example of petroleum industry (cont) 3. Perils of petroleum • Crude oil was patent medicine. • Innovations occurred outside the industry by the new and smaller companies: kerosene lamp, Edison inventions, gas transmission companies. • Little attention to customers’ needs and preferences. 4. Uncertain future • Petrochemical industry • Oil industry’s survival of luck: Creating own luck by knowledge of what makes a business successful.

  11. Production Pressure

  12. Mass Production • Just Produced Cars • Product Oriented Producing instead of Customer Oriented Producing • Huge Profit Gaining in Short Run • Ignored Marketing Needs

  13. Long Run • Detroit Stayed Behind • Ford’s Brilliant Talent • Production • Marketing

  14. PRODUCT PROVINCIALISM

  15. CREATIVE DESTRUCTION

  16. Dangers of R&D • Marketing shortchange • Too much attention to research and development • Marketing gets treated as a residual activity • Wrong thoughts about consumers: • Unpredictable, varied, fickle, stupid, shortsighted, stubborn

  17. Stepchild Treatment • Nobody interested deeply into the basic human needs • Recognized marketing as existing, but not worth very much real thought or dedicated attention • In oil industry: appeared headings in all articles: • In the Search for Oil • In Refinery Processes

  18. Beginning and End • A firm originates from customer, and his needs • Two rules violated • Aware of and defining their companies’ problem • Not meet the customers’ satisfaction • Selling and Marketing in different ways

  19. Conclusion • This article the author is tried to point out the mistakes that make by company management, who thinks marketing is how to sell the products, but they don’t understand that marketing is to satisfy customer’s wants and needs.

  20. Discussion Questions • “There is no such thing as growth industry, what we have is growth opportunities”---explain • What is “creative destruction?” How does it relate to the Strategy of the company? • Ford created a car with no custom options that was only available in black, but sold for $500. Why would he be considered “both the most brilliant and the most senseless marketer” in American History?

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