So how well do you know Marketing Myopia now? As previously mentioned, Theodore Levitt coined this term in 1960 for the Harvard Business Review. Not only did he coin the term, but is now considered the grandfather or structure of Marketing Myopia as used today. Born March 1, 1925 in Germany, Levitt who was a then lecturer in business administration at the Harvard Business School (H.B.R. 1960), was also the editor for the Review. His Marketing Myopia article in the paper is still a relevant piece within the business community. As mentioned above in the article, it states, “...is as much about strategy as it is about marketing, but it also introduced the most influential marketing idea of the past half-century: that businesses will do better
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The article, Factor Market Myopia: A Driver of Factor Market Rivalry by Peter Ralston, Steve LeMay, and Rose Opengart discusses another problem in addition to the myopia of businesses. The authors states, “The current research utilizes the concept of factor market rivalry to develop a new concept termed ‘factor market myopia’ (FMM), which develops when the sources of a firm’s resources are defined too tightly or the solution to particular needs is thought of too narrowly, (Ralston, Lemay & Opengrat 2017). This term was constructed from the foundation that Levitt created in 1960, the authors continue with “FMM is developed from combining Levitt’s (1960) ‘marketing myopia’ paradigm along with Zajac and Bazerman’s (1991) notion of competitive blind spots stemming from strategic decision making and competitor analysis,” (R.L.O. …show more content…
The article is formulated and the authors’ express, “Factor Market Myopia is contextualized theoretically with a review of the competitive blind spots and Marketing Myopia literatures,” (R.L.O. 2017). They include individual sections of those literatures to help readers understand those key terms. Where as Levitt solely used his sources in order to conclude what Marketing Myopia does in a business and its significant impact. Also, Levitt introduced the famous question, “What business are you really in?” (H.B.R. 1960). While going into detail with his then current examples to back up his
The article, Factor Market Myopia: A Driver of Factor Market Rivalry by Peter Ralston, Steve LeMay, and Rose Opengart discusses another problem in addition to the myopia of businesses. The authors states, “The current research utilizes the concept of factor market rivalry to develop a new concept termed ‘factor market myopia’ (FMM), which develops when the sources of a firm’s resources are defined too tightly or the solution to particular needs is thought of too narrowly, (Ralston, Lemay & Opengrat 2017). This term was constructed from the foundation that Levitt created in 1960, the authors continue with “FMM is developed from combining Levitt’s (1960) ‘marketing myopia’ paradigm along with Zajac and Bazerman’s (1991) notion of competitive blind spots stemming from strategic decision making and competitor analysis,” (R.L.O. …show more content…
The article is formulated and the authors’ express, “Factor Market Myopia is contextualized theoretically with a review of the competitive blind spots and Marketing Myopia literatures,” (R.L.O. 2017). They include individual sections of those literatures to help readers understand those key terms. Where as Levitt solely used his sources in order to conclude what Marketing Myopia does in a business and its significant impact. Also, Levitt introduced the famous question, “What business are you really in?” (H.B.R. 1960). While going into detail with his then current examples to back up his