Monday, July 21, 2008

Marketing: Redefining the Industry you are IN

Are you just into the railroad business as opposed to being in the transportation business? The cellphone business as opposed to being in the telecommunication business?

It is important to redefine the industry you are in and concentrate on the NEEDS of your customers.  Avoid having a myopic view and solely concentrating on your product development.  Be aware of other possible products that may substitute yours.  This may come from the same industry as yours or totally from a different industry.  And lastly, realize the importance of marketing in your operations.  Marketing should not be set back in favor of product development and R&D.  Instead, marketing should come hand in hand with these departments.

Read the Harvard Business Review Classic: Marketing Myopia by Theodore Levitt. Get your FREE copy here!

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