This Harvard Business Review video neatly explains the concept of Marketing Myopia, first coined by ex HBR editor Theodore Levitt.

People don’t really want a quarter-inch drill, said Levitt, what they really want is a quarter-inch hole.

The video explains how rail companies failed to see that they were really in the transport business (so should have started developing cars and other modes of transport) and warns energy companies not to focus too much on oil at the expense of developing other sources of energy.

If you liked this article, take a look at our Critical Thinker workshop outline.

Make better decisions by using tools & techniques to help you understand and take the best course of action.