The marketing myopia initially mentioned in a blog by Levitt, Theodore in the Harvard Business Review, which is a short-ranged and insight appearing method to marketing purpose concentrating on taking care of the instant requirement of the company in place of concentrating in terms of marketing aspects from the consumers perspective.
During the company’s concentration higher on selling in comparison to marketing and recognizing the actual need of consumers, this is when marketing myopia comes into the picture.
Understanding Marketing Myopia
Let us give you the definition of marketing myopia. The marketing myopia can be explained as a condition when an origination has a limited-thinking market technique and concentrates primarily on a single element out of all probabilities of marketing factors for instance.
Concentrating primarily on product quality and not on the real requirement of the buyer. Hence a perfect & concise marketing myopia definition
When Does the Marketing Myopia Come into The Picture?
What is marketing myopia is always the first question, isn’t it? Let us define marketing myopia. Marketing myopia usually is seen to come into the picture when the small-time objectives are offered a greater significance rather than the bigger and longer range of objectives to be achieved.
A few instances such as
1. Greater focus on sales instead of creating a stronger bond with the buyer (customer)
2. Interpreting the overall growth and improvement in the absence of an essential appropriate and accomplished analysis.
3. Large scale production without recognizing what’s the actual need of the customers/buyers.
4. Giving a greater significance to a single factor of the marketing element in the absence or ignoring the concentration on the actual needs of the customer.
5. No evolution with the changing demand of the consumer.
Self-dishonest cycle
Companies should have a better insight instead of having an objective. They should be capable to recognize on one’s own at a specific point after what they are at present.
The basic objective must be recognizing and creating personal capabilities, their contenders along the running trends.
Either or a company can get cornered in the self dishonest cycle.
Situations That are The Prime Reason for Self Dishonest Cycle
1. A conviction that business growth is assured by an increase in the overall population.
2. The conviction of absence of contending or alternative for the specific product of the company.
3. The overall supply results in personal demand, therefore large-scale production.
4. Over assuming of product standards in absence of any analysis of market and product.
5. In the event of you taking it as a situation of no need of ahead waiting problems, which can be trouble in the later stage of production.
Marketing Myopia Examples
The best marketing myopia example is
1. The renowned organization took a major hit to Sony cameras as and when the digital cameras became popular and Kotak was not prepared for it.
2. Mobile manufacturing giant ‘Nokia’ lost its major share in the market due to iOS and Android, one of the best myopia examples.
3. Hollywood did not pay any heed to know the television sector as it concentrated more on movies.
4. The huge platform Yahoo had a total worth of a hundred billion dollars in the year 2000 took a major hit and lost it all to Google later was acquired by Verizon at 5 billion USD in the year 2006.
These are some good marketing myopia examples.
The Future of Marketing myopia
1. Dry cleaning appliances
A Brand new class of chemicals and fiber can cause a lesser demand for dry cleaning appliances
2. Grocery Outlets
As we all know going to a supermarket is a much better alternative than visiting a traditional grocery outlet. As a result, helping with a more dependable definition of marketing myopia.
Treatment: Step-child Approach
Companies usually nurture the product as their kid and need customers as other kids.
This can cause the expenditure of the majority of resources in trying to come up with the product and the left resources on continuing marketing and research practices which define marketing myopia.
This has a reverse hit on companies as the stepchild ever head to be the prime focus of any story.
All in All
This was the complete article on marketing myopia in which we explained what is marketing myopia with marketing myopia definition and marketing myopia examples.