What is Marketing Myopia? When does marketing myopia strike in? Company more focused on selling rather than building relationships with the customers Predicting growth without conducting proper research.
Magazine The Ultimate Guide to Marketing Myopia Myopia — perhaps some of you may be familiar with this term but you may be wondering, how does it relate to marketing?
For those of you who do not know, myopia describes the phenomenon of distant objects appearing very blurry. Some people just call it nearsightedness. Is it the shortsightedness of marketing tactics? Failure to see the long-term goals of marketing schemes? Well the answer is yes and no.
It is a little more complex and multi-layered than that description. Marketing Myopia is the title of a marketing paper written by Theodore Levitt that was published in the Harvard Business Review in This brings up the age-old debate of selling vs.
Many people conflate the two terms. When you are selling, you are putting your efforts into creating the best product on the market according to you that will appeal to the broad spectrum of the target audience.
Many businesses put far too much emphasis what they are creating and selling but fail to look at the bigger picture — what do my clients actually want? Marketing Myopia is deals with the shortsighted nature of many companies who start strong but end up failing at the end.
These companies seem to concentrate so much on immediate short-term gains that they lose sight of making profits and benefits in the long run. To give you a better idea of what Marketing Myopia is, we have compiled an extensive guide for you that goes over several talking points of marketing.
By the end of this, we hope to have clarified the mystery of marketing and made you open your eyes a little bit wider to see the bigger picture of long-term gains.
This results in companies failing to adapt to the market and it causes them to always play catch-up with the trends of the market. Instead, companies should clearly define their products by catering to the target audience and addressing their wants and needs rather than their own.
Companies need to have a clear vision by being customer-oriented, always prioritizing the demands of the market above everything else. We will touch upon this particular case in an example in this article but we will also provide other examples from other industries to show more instances of shortsightedness in marketing by companies that have failed to adapt.
We will look at various causes of marketing myopia below and give various examples to demonstrate how they can be very detrimental to any business. Suffering from this phenomenon is usually indicative of poor management. Good management will generally not look at things in short-term gains but instead look toward the long-term benefits.
We will talk about this later.
Companies assume they are in a Growth Industry What is a growth industry? It is also called a sunrise industry. It is the opposite of a mature industry. Growth industries are often associated with new or pioneer industries that did not exist in the past and their growth is related to the consumer demand for new product or services offered by firms within the same industry.
Well, at least the company thinks so. With the following example, you will clearly see why companies who assume that their product or service is the be-all and end-all of solutions usually shoot themselves in the foot.
Example — Dry Cleaning While it may be hard to believe this in the yearthe dry cleaning business was actually once considered to be a growth industry with lavish prospects. In the midth century, where most people wore garments made of wool, it was a wonderful and pleasant feeling of getting your garments safely and easily cleaned.
At the time, it was really a lifesaver.A market assessment tool designed to provide a business with an idea of the complexity of a particular heartoftexashop.comry analysis involves reviewing the economic, political and market factors that influence the way the industry develops.
Major factors can include the power wielded by suppliers and buyers, the condition of competitors, and the likelihood of new market entrants. Minette E. Drumwright, The University of Texas at Austin Patrick E. Murphy, University of Notre Dame. Advertising practitioners face ethical issues that are common to all professionals, but they also confront questions that are related to unique aspects of advertising.
A business suffering from marketing myopia lacks vision to succeed. In this lesson, you'll learn about marketing myopia and be provided some examples.
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 – Introduction. Marketing Myopia refers to the phenomenon of not being able to see a long term and more sustainable goal for an organisation. For decades, the term Myopia is being used in human sciences referring to Nearsightedness – the ability to see near objects clearly but inability to see the far off objects.
Value creation is any process that creates outputs that are more valuable than its inputs. This is the basis of efficiency and heartoftexashop.com following are illustrative examples of value creation.