Question

What is marketing myopia? Discuss in detail how the myopic orientation of Nokia.

Answer 1

Answer:

The phrase was coined in 1960 by Theodore C. Levitt. It’s a theory that states companies focus on their needs and short term growth strategies. They neglect the needs and wants of their customers and fail as a result.

In short, businesses are busy selling what they have instead of improving it based on what their customers tell them. The market votes with its wallet and will force anyone out of business who doesn’t meet its needs.

The perfect example of this is Blockbuster. People were leaving the video rental service behind and instead of making the painful changes needed to survive, they buckled under the pressure.

Answer 2

Marketing Myopia suggests that businesses will do better in the end if they concentrate on meeting customers’ needs rather than on selling products.