Market Solutions, Not Products
Wednesday, September 6, 2006 at 06:50PM Theodore Levitt passed away last month with little fanfare. A former professor Emeritus at Harvard Business School, he succumbed to cancer at the young age of 81.
Ted, as he was known, helped an entire generation learn about marketing. Always vocal and often critical, he once slapped the railroad industry for losing business to the airlines. His reasoning - railroad executives thought they were in the business of running passenger trains while airline executives realized they were in the business of transportation.
Perhaps his most timeless observation was this: “People don’t want to buy a quarter-inch drill. They want a quarter-inch hole.”
So, if you’re a budding entrepreneur, you may want to forgo making a better drill with new whistles and instead discover a better, more cost-effective way to make quarter-inch holes! Then, give a shout out to Ted. Learn more about Ted including his connection to Erma Bombeck.
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