Why did I love this book?
I discovered marketing and was motivated by an amazing man called Theodore Levitt. I actually visited him at Harvard when he helped me with the Malibu launch in 1979. Levitt was an inspirational marketer, well ahead of his time.
This, his first book, was published in 1962. He rightly said in the book, “Every major industry was once a growth industry,” but as we know (and Levitt said it), there are some that are now riding a wave of growth enthusiasm very much in the shadow of decline.
You have to understand why things develop. The failure is usually at the top because the executives responsible for the company do not understand the changing environment or respond positively to it. For example, Hollywood barely escaped being totally ravished by television before the film companies went through drastic reorganisation but initially, they did not see television as a competitor. They did not appreciate that they were not in the movie business but rather in the entertainment business.
The same applied to people who inherited shares in the 19th Century American railroad industry. They were not in the railroad business but were actually in the transport business. It is essential to understand the business one is actually in and how we adjust to the ever-changing environment. Levitt’s approach has inspired me throughout my 55 years in the liquor industry. As an aside, think about the impact of technology on every business and everyone’s life today.
1 author picked Innovation in Marketing as one of their favorite books, and they share why you should read it.
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