A critical response to the Marketing Myopia Assignment

A critical response to the Marketing Myopia - Assignment Example Additionally, the article presents marketing strategies that can help business management overcome competition and other external forces, which threaten a business. Therefore, this discussion seeks to critically analyze the strengths and weakness of this article, with a focus to understanding the plausibility of the ideas it present. The strength of this article is identifiable in addressing the causative factors for business success or failure. The article clarifies on the misconception held by many people that external forces are the major causes of a business failure. However, according to the article, the reason behind the success or failure of any business is not due to environmental factors such as market saturation, threatened growth or competition. The success or failure of any business or organization is solely determined by the management (Levitt, 2004). The reason the failure of any business has to be attributed to the management because; when the business of an industry d eclines, it is not because the industry was not best suited to serve the people. The industry declines because the management is not able to protect its business from their competitors, who eventually take their customers away from them (Levitt, 2004). If the management can apply strategies for protecting their customer base, their business in any industry will continue thriving. This is one of the strengths of this article, since it emphasizes on the role of prudent management in ensuring the success of a business. Secondly, the article presents another credible argument that serves as another of its strength. Broader focus is the key to success of any business or industry (Levitt, 2004). The article observes that businesses fail because they perceive their investment narrowly, considering competitors to be only those offering similar products and services. This makes the management of the business forget to focus on the whole industry and how it can affect their business. For exam ple, people operating in the railway business will only focus their competitors as those other companies or individuals who own trains, forgetting that they are not in the narrow railroad business, but operating in the transport industry (Levitt, 2004). Therefore, the elaboration given by the article is credible because, in focusing narrowly at the business, the owners of a business are only concerned about the product or service they offer, at the expense of focusing on the customer (Levitt, 2004). Thus, for the success of any business, a wider focus on customer needs is important than focusing on the suitability of the products and services which a business offers. Businesses will succeed more if they focus on understanding and meeting customer needs. Therefore, a business should focus on the overall needs of the customer in the industry it is operating, rather than focusing narrowly on direct competitors. This is because, customer needs can be met by the indirect competitors, who take away the customers served by a business, and meet their needs in a different manner (Levitt, 2004). According to this article, the strength and success of any business lies in its internal innovation. If a business can tailor its innovativeness towards meeting customer needs at the expense of improving the efficiency of its products, the business is sure to succeed (Levitt, 2004). For example, a business operating in the petroleum industry should focus on the needs of the customers in the whole of the energy industry. This would mean that the business works towards meeting the needs of the

Assignment about Leadership Essay Example | Topics and Well Written Essays - 750 words

Assignment about Leadership - Essay Example This is the case with Benes. He had not bothered to know how Madoff made all the money. Due Diligence requires that every investor undertake an investigation that aims at gathering information on the actual risks involved when one is getting into any investment. It is clear that most of these feeder funds failed to do due diligence since they had so much faith in Madoff. It is said that Madoff was a successful party player in Wall Street and thus expected to have a pool of experience in stock trading. The single thing that actually made people believe so easily in him is the fact that the people who had already invested into his Company were making a lot of money consistently even when the market was down. Madoff also allowed them to operate without paying fees for their transactions, a move that enabled them to make a lot of money from numerous investors they had in their firms. This was bait since they saw they could earn even more money from these operations. It was also easy for people not to perform due diligence because many huge companies and prominent people had invested with Madoff. This made people trust in Madoff as an expert in his field. The study of Bernie Madoff scandal brings out a number of personalities about him. To start with, it is easier to say that He had a narcissistic personality since it is evident he was absolutely convinced that he was better than everyone else was. Looking at the whole scandal, we can only conclude that Madoff was a great liar. He deceived everyone. No one knew how the company made all those funds, starting from his family to the Government. He managed to deceive everyone for around 30 years Madoff operated his illegal business. He stole from so many people and did not care the harm he caused them, both financially and emotionally. This is also seen when Bienes firm was closed down after it was said it was an illegal firm. Bienes was