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.
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. It results in the failure to see and adjust to the rapid changes in their markets.
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.
Marketing is the promotion of business products or services to a target audience. Common examples of marketing at work include television commercials, billboards on the side of the road, and magazine advertisements. But not all businesses approach the need to market their goods and services the same way.
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.
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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 .
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 fulfillment of immediate needs of the company rather than focusing on marketing from consumers’ point of view.
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.
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.
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 .
4 Types Of Marketing Plans And Strategies Market Penetration Strategy . Market Development Strategy . Product Development Strategy . Diversification Strategy .
Marketing is about understanding what customers want, and using this analysis to drive the business. We should listen to our customers, inform our organisations of new insight and use automated technologies to predict buying behaviour patterns in order to deliver personalised messages to stakeholders.
Here’s an overview of 10 different types of marketing strategies: Outbound Marketing . Inbound Marketing . Online Marketing . Offline Marketing . Content Marketing . Email Marketing . CTA Marketing . Search Engine Marketing .