What is marketing myopia ? What are the short and long term implications for business in this situation?
Answers
Marketing Myopia, which has been expressed in an article written by Theodore Levitt in the Harvard Business Review, is a short sight and internal perspective for marketing, rather than focusing on marketing from consumers' perspective to meeting the immediate needs of the company Focuses on
When a company focuses more on sales than marketing and knows the needs of consumers, then it happens when marketing is attacked in Myopia.
Marketing myopia
Marketing myopia is a situation when a company has a narrow brain marketing approach and it focuses primarily on one aspect of many potential marketing features. Just focus on quality, not on the actual demand of the customer
The concept behind Marketing Myopia is that it is a small vision and internal approach to marketing which focuses on the firm's needs rather than defining the firm and its products in terms of the needs and wishes of the customers.
Examples of railroads and Hollywood industries are now in jeopardizing their futures by improperly defining their objectives.
reason:
• The company thinks the population is guaranteed to increase its population
• Assume that there is no competitive option
• Mass production - not focused on customer's needs
• Focusing on the product instead of customer (lack of innovation)
Examples:
• Kodak
• Sony (Sony Walkman)
Avoid Myopia:
• Solution Focus Focus
• Customer centric
• Marketing is not only about selling
• Know about the options of the industry
• Destructive renewal
Marketing Myopia - Concept With Example
Companies have to give more consumer-focused goals for their business and think beyond selling their products. Below are some examples that go ahead in marketing myopia and how companies can look beyond this.
Marketing business in myopia
Many companies operating at the global level in the railways trade are facing the stability of their line of business.
Those who have failed to realize that they are not in the railway or railroad business alone. They are in fact in the transportation business. At a time when more and more new ways to hit their railroads will definitely hit. Therefore, while preparing their diversification plans, companies should consider the overall picture of transport as a business, not just the railway or the railway route. This marketing is a classic example of myopia.
Marketing in the entertainment business Myopia
A narrow escape of Hollywood was a few years ago when major production houses declined. Almost all of them faced major restructuring. Why did all this happen? Just because Hollywood believes that they are in the business of making films and do not consider TV as a threat.
What they did not realize was simple fact that they are not just in the business of movies but in the whole entertainment and entertainment, if the consumer has different sources of their product i.e., then it will definitely be hit. However, Hollywood managed to avoid this marketing myopia, because soon afterwards, TV was perceived as a potential development opportunity for them, as well as it was considered entirely a different animal. This happened when Fox, Buena Vista, etc. joined the TV production and survived. Some media companies set up additional mileage and amusement parks because they were considered a way of entertainment and thus their business.