Marketing Myopia, first expressed in an article by Theodore Levitt in Harvard Business Review, is a short-sighted and inward looking approach to marketing which focuses on fulfilment of immediate needs of the company rather than focusing on marketing from consumers’ point of view.
What’s the best explanation of marketing myopia?
Marketing myopia is the failure & narrow-minded approach of marketing management of a company; which only focuses on certain attributes of the product or service while completely ignoring the long terms goals such as product quality, customers need, demand and satisfaction.
What are causes of marketing myopia?
CAUSES OF MARKETING MYOPIA
- Companies assume they are in a Growth Industry.
- Companies believe there are no Competitive Substitutes.
- Failure to Consider the Requirements of the Consumer.
- Focusing more on Products and not on Customers.
- Failure to Consider Changing Consumer Lifestyle in the Digital Age.
Why is marketing myopia important?
Importance of Marketing Myopia Marketing Myopia becomes very important if a company understands it. Sometimes there is too much focus on selling in the short term that they stop understanding the consumer behavior especially the needs of the customer. Needs of the customer in a market evolves over time.
How can we avoid marketing myopia with example?
How to Avoid Marketing Myopia
- Have a clear vision. How can this product or service make a difference now and in the future?
- Put the customer before the product.
- Do the marketing first.
- Don’t stop the marketing.
- Watch the competition.
- Diversify your products or services.
- Experiment.
How do you fix marketing myopia?
Why is it important to avoid marketing myopia?
Instead of focusing on evolving desires in the market or audience, myopic marketing only considers short-term business goals like sales. As a result, companies lose sight of the future and get passed by their competition. It takes good vision to plan a customer journey.
Who gave the concept of marketing myopia?
Theodore Levitt
The term was coined by the late Harvard Business School marketing professor, Theodore Levitt, in a 1960 article by the same name (republished in 2004).
How can we avoid marketing myopia?
The simplest way to avoid marketing myopia is by focusing on what the market really wants….How to Avoid Marketing Myopia
- Have a clear vision.
- Put the customer before the product.
- Do the marketing first.
- Don’t stop the marketing.
- Watch the competition.
