Industry Definition – inevitable and challenging – Revisiting Ted Levitt’s Marketing Myopia
What business are you in? … Yes, that simple and natural question may turn out to be one of the most important questions a business should provide answer to. It will define the industry the business competes in. Reflect its customers’ needs, wants and problems. It will shape the business mission and vision. It is definitely worth to think of it as an inevitable challenge and the sooner a business accept that challenge, the better.
Defining the industry of a company, which is basically defining the business of a company, is probably one of the toughest challenges management faces. It may seem that it is an easy straightforward task, but that is far from the case. It is not only difficult, it is critical for the success of the business.