Even though, the famous article titled Marketing Myopia was written by Theodore Levitt in 1975, I believe the concept proposed in the article is still very much relevant. The level of material culture can aid in developing products for individual markets. For companies selling industrial goods, such as General Electric, this can provide a convenient starting point. In developing countries demand may be highest for basic may be more in demand. Technologic advances have probably been the major cause of cultural change in many countries. The increase in leisure time so characteristic in Western cultures has been a direct result of technologic development. With technologic advancement comes also cultural convergence. Black and white television sets extensively penetrated U.S. households more than 10 years before similar levels occurred in Europe and Japan. With color television the lag was reduced to 5 years. With videocassette recorders the difference was only 3 years, but this time the Europeans and the Japanese led the way while the United States was concentrating on cable systems. With the compact disk penetration rates were equal in only 1 year. Today with MTV available by satellite across Europe no lag exists18.
Since researchers often look at things under well defined and rigid framework of assumptions and parameters they are perplexed when ground realities don’t follow their model. Poverty is clearly a complex and multidimensional problem affected by numerous factors coming from culture, traditions, history, social structure, gender, nature and state of market conditions, state policies, and so on. These factors are different in different societies. In some societies people are traditionally more enterprising and think in terms of helping themselves while in others they look to state for everything. Clearly the skills to manage a micro-enterprise differ among people of different countries and even among the poor of any single society. Moreover, success in any business (no matter how small it is) depends a lot upon the socio-economic environment around people – after all entrepreneurship depends heavily on the surrounding market dynamics.
Entrepreneurs create jobs: Without entrepreneurs, jobs wouldn’t exist. Entrepreneurs take on the risk to employ themselves. Their ambition to continue their business’ growth eventually leads to the creation of new jobs As their business continues to grow, even more jobs are created. It is very challenging when it comes to running an insurance company as you will be dealing with employees and customers. It takes a good leader to be able to run a company of this nature or else, it won’t last the first five years. Labour is another input of production. It refers to human efforts both mental and physical directed towards the production of goods and service. Among contemporary writers and scholars, labour is distinguished from business management and knowledge. The reward for labour is wages or salaries.