MKT 407 Lecture Notes - Lecture 2: Dry Cleaning, Marketing Myopia, Fuel
Document Summary
Marketing myopia (lack of imagination or intellectual insight) Businesses can fail because they assume they are in the wrong industry. Ex. railroads assumed themselves to be in the railroad business rather than transportation, so cars, trucks, airplanes, etc, took over. Defined industry incorrectly because they were railroad oriented instead of transportation oriented. Hollywood thought they were in the movie business when they are actually in the entertainment business. Hollywood rejected tv when it should have welcomed it as an opportunity to expand the entertainment business. Those who are product oriented don"t do as well as customer oriented businesses. Dry cleaning industry: was once a growth industry with lavish prospects. Competition came from synthetic fibers and chemical additives that have cut the need for dry cleaning. Competition from non utility companies advancing towards developing a powerful chemical fuel cell. Will have to develop fuel cells, solar energy, and other power sources to combat this competition.
