What is marketing myopia ? 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.
Marketing Myopia suggests that businesses will do better in the end if they concentrate on meeting customers’ needs rather than on selling products.
This mindset, which he dubbed “ marketing myopia ,” refers to when companies become complacent and lose vision of what their customer really wants. This inevitably leads to a halt in growth and a decline in profits – often leading to the eventual death of the company. Listen to the customer’s needs and wants continually.
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. The company needs to research what product they can make and which need they want to compete for.
Examples Of Marketing Myopia Kodak lost much of its share to Sony cameras when digital cameras boomed and Kodak didn’t plan for it. Nokia losing its marketing share to android and IOS. Hollywood didn’t even tap the television market as it was focused just on movies.
If your business is affected by marketing myopia that means your management is very poor . You will need to improve your management. A good product does marketing itself, so instead of focusing on selling, focus on your product to meet your customers need.
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.
For companies to be successful they must focus on satisfying their customers’ needs. While no one can predict the future, in order to survive, companies must focus on satisfying their customer needs, not just the products they produce. They must define their businesses broadly to avoid marketing myopia .
Strategic myopia is a condition in which the management of a business can see clearly those things that are to take place in the short term, but have only a fuzzy view of what their future might be over the longer term.
Unfortunately, Kodak decided to cling on to analog cameras far too long, and eventually lost the game. Nokia too has a similar story. When its competitors started focusing on data and the internet, Nokia didn’t care. The company instead continued to focus on its hardware.
Definition (1): It is the portion of the customer’s purchasing that a company gets in its product. Definition (2): “It is defined as the share the company gets out of the customers ‘ purchasing their offerings.”
How to avoid Marketing Myopia Make sure you’re providing value. This seems like an obvious one, but it’s something many companies overlook. Develop buyer personas. You can’t build your business around the customer unless you know who the customer is. Keep an eye on the future.
What is the relationship between marketing concept and marketing myopia ? Though both concepts /theories are different, they both require similar steps. As stated above, in marketing requires advertising, public relations , promotions and sales are important just as it is in market myopia .
Marketing myopia can be avoided through filtering every strategic initiative and company program through the screen of the customers it seeks to serve, Fundamentally, any company initiative or program must have the customer at its heart.