Theodore Levitt – Wikipedia
Theodore Levitt was the editor of the Harvard Business Review, where he is credited with increasing circulation and popularizing the term globalization. In 1983, he proposed a definition for corporate purpose: “Rather than just making money, it is to create and keep a customer.”
Levitt earned a bachelor’s degree and a PhD in economics from Ohio State University after WWII, and he rose to prominence after publishing Marketing Myopia in Harvard Business Review. Levitt’s phrase “What business are you in?” demands that one account for the importance of the job one does.
Role in developing the term “globalization”
In an article published in the Harvard Business Review in 1983, Levitt is credited with coining the term “globalization,” which had been used by economists as early as 1981, but Levitt is credited with popularizing the term and bringing it to a mainstream business audience.
He wrote the book The Marketing Imagination, which has been translated into eleven languages.
Honors and accolades
He was a four-time winner of the McKinsey Awards competitions for best annual article in the Harvard Business Review, as well as the Paul D. Converse Award from the American Marketing Association and the William M. McFeely Award from the International Management Council for major contributions to management.
Tennis coach Jack Levitt died on June 28, 2006, at the age of 81, at his home in Delray Beach, Florida, after a long illness. He is survived by his wife of 58 years and four children, and his memorial was held at his favorite tennis club.
Books and articles
The marketing mode was first published in 1969 under the title: Marketing Intangible Products and Product Intangibles. The marketing imagination was published in 1983 by The Free Press in New York. Thinking about management was published in 1991 by Harvard Business School Press in Boston, Massachusetts.
Jeremy Mullman (July 10, 2006), “An ‘original mind’ of marketing dies.” Advertising Age 77: 8. Levitt, Theodore (1 May 1981), “Marketing Intangible Products and Product Intangibles.” Retrieved 9 May 2019 via hbr.org.
Why was Levitt 1983 Controversial?
With his 1983 HBR article “The Globalization of Markets,” Levitt popularized the term “globalization” and claimed that new technologies had “proletarianized” communication, transportation, and travel, sparking a still-raging debate in the international business community.
What did Theodore Levitt?
Theodore Levitt (March 1, 1925 u2013 June 28, 2006) was a German-American economist and Harvard Business School professor who served as editor of the Harvard Business Review, where he was credited with increasing the publication’s circulation and popularizing the term “globalization.”
Who is Theodore Levitt?
Theodore Levitt, a former Harvard Business School professor who is credited with coining the term “globalization” and championing the underappreciated role of marketing in determining what businesses should make and sell, died on June 28 at his home in Belmont, Massachusetts, at the age of 81.
What did Theodore Levitt argue in his 1983 article The globalization of markets?
In his 1983 article “The Globalization of Markets,” Theodore Levitt argued that centralized research and development ensures persistent heterogeneity in a company’s solution.
What does Levitt associate with globalization?
“Gone are accustomed differences,” Levitt wrote in a 1983 Harvard Business Review article, defining globalization as “changes in technology and social behaviors that allow multinational companies like Coca-Cola and McDonald’s to sell the same products worldwide.”
Where did the term globalization come from?
Globalization first appeared in the early twentieth century (replacing the older French term mondialization), developed its current meaning in the second half of the century, and became popular in the 1990s.
Who created Freakonomics?
We and others have noticed a discouraging tendency in the Freakonomics body of work to present speculative or even false claims with a sense of certainty; however, considering such issues can teach those who want to popularize statistical ideas valuable lessons.
How Theodore Levitt defined marketing 60 years ago and predicted the energy market?
In the article, Theodore Levitt states that for companies to ensure continued growth, they must define the industry they are in broadly, and he urged companies to define themselves from the perspective of the consumer.
Why is creativity not enough?
It’s true: Many people conflate the process of generating ideas with the agonizing realities of putting them to work; the real issue is turning a good intention into operational reality.
What industry does Theodore Levitt use as an example in his article marketing myopia?
Theodore Levitt’s Marketing Myopia primarily uses the petroleum industry to describe the problems of nearsightedness in marketing. Companies must have a clear vision by being customer-oriented, always prioritizing the demands of the market above all else.
What is Levitt idea?
According to Levitt, the innermost level is the core benefit, which is the need a customer wants to satisfy, while the third level is the augmented product, which exceeds customer expectations.
What is Levitt thesis?
Levitt (1983) makes a compelling case that advances in communication and transportation technologies, as well as increased global travel, have homogenized global markets.
What is the concept of marketing myopia?
Marketing myopia, as defined by Theodore Levitt in a Harvard Business Review article, is a short-sighted and inward-looking approach to marketing that focuses on meeting the company’s immediate needs rather than marketing from the perspective of consumers.