After reading it, you will understand the basics of this useful marketing strategy theory. What is Marketing Myopia? Marketing Myopia is the name given to companies that are short-sighted and look no further than their own product.
Check new design of our homepage! The Potential Threat of Marketing Myopia Explained With Examples Marketing myopia is a narrow-minded approach to Marketing myopia marketing situation, wherein an organization focuses more on its product offerings rather than its customers and market's demand.
MarketingWit provides you with more information about marketing myopia along with its examples and how to avoid it.
MarketingWit Staff Last Updated: Dec 09, Did You Know? As quoted in Oxford dictionary, marketing myopia is - "A failure to define an organization's purpose in terms of its function from the consumers' point of view.
For example, railway companies that define their markets in terms of trains, rather than transportation, fail to recognize the challenge of competition from cars, airlines, and buses.
It is therefore necessary to define the needs of the consumer in more general terms rather than product-specific terms.
Although most of the companies claim to be consumer-centric, very few of them actually deliver goods demanded by the market and the consumers. Companies want consumers who will stay loyal to their products no matter what. But what is the organization doing to cater to the consumer needs? Is it producing commodities that are demanded by the market?
Is it taking any effort to maintain healthy relationship with their consumers? Just like in medicine, myopia refers to short-sightedness, marketing myopia refers to practices that are nearsighted rather than far-reaching.
Marketing myopia means a company implements strategies that will surely give them short-term profit, but which fails to overlook the long-term profit.
This type of marketing focuses on what the company wants, rather than paying attention to and delivering what the market wants. This in turns builds a culture which is difficult to change and results in irrecoverable losses, and along the process the company reputation is tarnished.
Theodore Levitt wrote and submitted a paper with the same title in a journal Harvard Business Review for which he was an editor. They think that the increasing number of consumers would lead to more profits, thus failing to think of efficient ways to sustain growth.
If organizations hold monopoly in a certain area and they think they are irreplaceable, they are doomed.
Railroad companies only thought about trains and not about transportation as a business, in general. Hollywood was busy producing films, which is only a small part of the entertainment sector. Here the concentration is more on increasing the efficiency of making a product, and not on improving the product or its quality.
Selling is when a producer wants to sell his product to get cash in return.Definition of marketing myopia: A short-sighted and inward looking approach to marketing that focuses on the needs of the company instead of defining the company and its products in terms of the customers' needs and wants.
A short-sighted and inward looking approach to marketing that focuses on the needs of the company instead of defining the company and its products in terms of the customers' needs and arteensevilla.com results in the failure to see and adjust to the rapid changes in their markets.. The concept of marketing myopia was discussed in an article (titled "Marketing Myopia," in July-August issue of the.
Lumify Redness Reliever Eye Drops - Available May HBR's 10 Must Reads on Strategic Marketing (with featured article "Marketing Myopia, " by Theodore Levitt) - Kindle edition by Harvard Business Review, Harvard Business Review, Clayton M.
Christensen, Theordore Levitt, Philip Kotler, Fred Reichheld. Download it once and read it on your Kindle device, PC, phones or tablets. Use features like bookmarks, note taking and highlighting while reading.
India's first online website to learn marketing basics based on philip kotler with articles written in a step by step manner with relevant definitions and examples in topics such as needs wants demands, customer relationship group and more to come.
I got this list of best-selling HBR articles through our library. I am planning read (and in some cases re-read) the articles and post a summary.