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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.
What is marketing myopia in the production philosophy?
Marketing myopia is a concept that occurs when companies focus excessively on their own products and production capabilities rather than on the needs and desires of their customers. In the production philosophy, businesses prioritize efficiency and cost-cutting in production, which can lead to a narrow perspective that overlooks emerging market trends or customer preferences. This short-sighted approach can result in lost opportunities and diminished relevance in a competitive market, as firms fail to innovate or adapt to changing consumer demands. Ultimately, marketing myopia can hinder long-term growth and sustainability.
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.
Where can an archaelogist work?
Archaeologists can work in various settings such as government agencies, museums, universities, cultural resource management firms, archaeological consulting firms, and non-profit organizations. They may also work on excavation sites, research projects, or in educational roles.
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 are the benefits of a indigenous firm?
Indigenous firms often contribute to economic development by creating jobs and fostering entrepreneurship within their communities. They can promote cultural preservation and sustainability by integrating traditional knowledge and practices into their business models. Additionally, these firms often prioritize social responsibility, strengthening community ties and enhancing social cohesion. By supporting indigenous firms, consumers can also contribute to economic equity and diversity in the marketplace.
What is concentration of production?
Concentration of production refers to a situation where a significant proportion of a certain good or service is produced by a limited number of firms or producers in the market. This can result in market dominance by a few key players, potentially leading to reduced competition and increased market power for those firms.
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.
