0
Cultural myopia refers to a firm's failure to expand their world view beyond their limited view of the world; anything outside that world view cannot be seen clearly.
Wiki User
∙ 12y ago
Add your answer:
Earn +20 pts
What steps can you take to guard against the phenomenon of marketing myopia?
In Medical Science, shortsightedness is also known as myopia. A person affected by myopia can see only the things very close to him. Professor Theodore Levitt of Harvard Business School coined the term "marketing myopia", to explain the shortsighted policies and practices of some business firms. The firms define themselves narrowly and are obsessed with the physical attributes of their own products, resulting in their failure to ascertain and act on customers' needs and desires. They continue the process of marketing without considering the market's needs or wants. In the words of Theodore Levitt, every major industry was once a growth industry. But some that are now riding a wave of growth enthusiasm are very much in the shadow of decline. Others which are thought of as seasoned growth industries have actually stopped growing. In every case the reason growth is threatened, slowed, or stopped is not because the market is saturated. It is because there has been a failure of management.
Why will the American government not support low cost firms?
because they have the highest failure rate
When discussing pure competition the term long run refers to a period of time long enough to allow?
Firms already in an industry to either expand or contract their capacities and new firms to enter or existing firms to leave.
Of what considerations should firms attempting to compete on a global basis be aware?
Firms attempting to compete on a global basis should be aware that nations differ greatly in their political, legal, economic, and cultural environments
What is a traditional firm?
Traditional firm refers to the firms that align the traditions of their heritage such as social and environmental concerns with their business strategies.
Meaning of corporate firm?
A firm refers to a business establishment, such as a corporation. Firms are generally associated with business organizations that practice law.
What term refers to independent firms that agree to eliminate price competition among themselves?
Price fixing is when companies conspire to eliminate price competition among themselves.
What is the difference between a buy side trading firm and sell side trading firm?
On Wall Street, "buy side" refers to firms that invest money or 'buy' securities and "sell side" refers to the investment banks that provide the buy side firms with products and services such as initial public offerings (IPO's), secondary offerings, trading, research, conferences, etc. The "sell side" firms are 'selling' IPO's and services to the buy side firms. Examples of buy side firms would be large mutual fund companies like Fidelity or T Rowe Price. Examples of sell side firms would be investment banks like Goldman Sachs, Morgan Stanley, etc. Most of the large investment banks also have small buy side operations that are run separately from the larger sell side. For example, you can buy a mutual fund from Morgan Stanley or Merrill Lynch, but this isn't where these firms make most of their money.
What does the term billable hours refer to?
For a service company such as a law firm, billable hours refers to the amount of time worked by the company that they will bill to the customer, usually on an hourly basis. The term is often used in relation to work being done by law firms, accounting firms, or consulting companies.
What is shared monopoly?
Shared or Joint monopoly refers to anticompetitive behaviour by firms, normally an oligopoly, in order to secure monopoly profits for the firms as a group. Essentially, shared monopoly requires some form of collusion but stops short of being a formal cartel. It is therefore similar to tacit collusion. In a shared monopoly firms may not compete for the same customers and have instead local monopolies.
How many firms are traded on the FTSE?
There are approximately 1700 firms traded on the FTSE. The number of firms traded changes daily. New firms are added as some firms drop off the exchange.
What is inter-organizational partnerships?
Inter-organizational partnerships refers to cooperation between different entities or firms. These partnerships may be aimed at making business much easier and successful.
