Strategic thinking always comes down to answering two questions: what business are we in? Why are we good at it?
Easy questions to ask. Difficult to answer. In fact, it is particularly easy to answer that first question incorrectly. According to marketing guru Theodore Levitt, the answer comes down to understanding what your customers need, not what it is that you typically do. Letting routine activities prevent you from focusing on the needs of the customer can lead to “marketing myopia,” an inability to see the “next big thing” in your field.
This video on “marketing myopia” from the Harvard Business School’s Explainer series provides a succinct reminder of what strategic thinking is and why it matters to any organization.