Industries growth has stopped due to the failure of management the top executives, railroad business because they focus on sciences not on the customers. To keep growing industries must focus on customers’ needs and wants then solely on their products. Many companies are endangering their business due to improper defining of their purposes. DuPont, corning and aluminum industry flourished because they were customer oriented. Taking example of Dry cleaning; has reduced in a remarkable way and may sooner be diminished. Grocery stores have been replaced by super markets.
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There is nothing like a growth industry but there is an expansion that is because the companies organize themselves to create growth opportunities. Self-deceiving cycle has four conditions. 1. Growth is due to increase in population. 2. Believing that there will be no substituent for any major product. 3. Mass production and declining unit cost for output increase. 4. Preoccupation with a product. The belief that increasing customers will increase your business have a negative impact as you will yourself not bother to expand your business.
The petroleum industry thinks that there is no competitor as there is no substitute of oil but many refineries have such huge stock of oil that they can be a threat. Firstly the crude oil was greatly demanded as kerosene was used for lamps until the bulb was invented and the heaters were started with coal burns. If the company would have been product oriented the business would be ended but they started refining the crude oil and made uses out of each product of crude oil. Oil has proved to be the strongest growth and millions of barrels is consumed daily.
Production pressure to some companies such as advertisement and commercials are sometimes this much great that they try to get aid of it. But in all this we forget marketing and focus on the needs of seller and marketing fulfill the customer need. Industries now spend billions of rupees in consumer preference and fulfilling their ideas out of Chevrolet’s 7000 dealers only 57 provide night maintenance service. Ford invented the assembly line and reduced the cost of production and sold millions of $500 cars. Survival needs a change. Consumer needs change and if a company does not provide it they lose.
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With the wider perspective the CEOs have to recheck on their vision and the selection of the proper targeted market. This was seems to be successful as the organization was able to find out some opportunities that were initially unseen. This is also helpful in predicting the future progress with the help of business prediction techniques that are currently available. To rise above the myopia one should have his main focus on the strategies and predictive techniques that are used to gain hold on the opportunities. And mainly focus on the customer’s lifetime value. This will maintain the long term profit objectives.