Focus on Customer Needs: Levitt emphasizes the importance of understanding and meeting the needs of customers. He suggests that successful marketing begins with a deep understanding of what customers truly value.
Marketing Myopia: Levitt coined the term "marketing myopia," highlighting the danger of businesses defining their mission too narrowly. He argues that businesses should focus on satisfying customer needs rather than selling specific products.
The Total Product Concept: Levitt emphasizes the idea that a product is more than just the physical item; it includes the entire bundle of benefits and satisfaction that the customer derives from it. Marketers should consider the total product experience.
Globalization: Levitt was an early advocate for globalization and believed that successful companies should think and act globally. He argued that international markets could provide significant opportunities for growth.
Innovation and Creativity: Levitt stressed the importance of innovation in marketing. He encouraged businesses to be creative and constantly seek new ways to add value to their products and services.
The Selling Concept vs. Marketing Concept: Levitt differentiates between the selling concept (focus on selling products) and the marketing concept (focus on satisfying customer needs). He advocates for the latter, suggesting that long-term success comes from customer-centric strategies.
Long-Term Perspective: Levitt advises businesses to adopt a long-term perspective in their marketing strategies. Building lasting relationships with customers and adapting to changes in the market are crucial for sustained success.
Market Segmentation: Levitt supports the idea of market segmentation, tailoring products and marketing strategies to specific customer segments. This allows companies to better meet the diverse needs of their customers.
Holistic Approach to Marketing: Levitt encourages a holistic approach to marketing that involves all aspects of the business, not just the marketing department. Every part of the organization should contribute to creating value for the customer.
Continuous Learning: Lastly, Levitt emphasizes the importance of continuous learning and adaptation. The business environment is dynamic, and successful companies are those that can adapt to changing circumstances and evolving customer preferences.
Language | English |
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ISBN-10 | 1422102068 |
ISBN-13 | 9781422102060 |
No of pages | 226 |
Font Size | Medium |
Book Publisher | Harvard Business Review Press |
Published Date | 01 Jul 2006 |
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Ted Levitt is one of the most widely respected thinkers in the field of marketing and management. His work and writings have changed the way scores of companies think about their businesses, organize for innovation and creativity, and market their products and services. Now, managers can have access to the best of Levitt's thinking over the last five decades in "Ted Levitt on Marketing". Framed by a new introduction, this book features seminal articles, including "Marketing Success Through Differentiation," "The Globalization of Markets," "After the Sale Is Over," and "Marketing Myopia." A must-have resource for managers and marketers in any industry, this "Harvard Business Review Paperback" book is filled with big ideas and practical tools for creating and sustaining a company's competitive edge.