You probably think their demise was inevitable as soon as Netflix burst onto the scene. There is no such a thing as a growth industry. Now that you have some basic tools to guard yourself from the thorns of marketing myopia, apply this avoidance tactic in your business. There are only companies organized and operated to create and capitalize on growth opportunities.
The biggest disrupter of this young century has been Uber. BlackBerry also failed to tune into the fact that consumers were driving the smartphone industry - it was no longer just for business. One of the main causes of this problem is when organizations puts in effort to develop marketing strategies for the wrong target group.
Marketing is satisfying the needs of their customers via product and other things related to it such as creation, delivery, etc.
Give an answer to their demand. Companies, whether early-stage or enterprise, can never lose sight of the North Star that guided them to early success. Dec 09, Did You Know? It exhorted CEOs to re-examine their corporate vision and redefine their markets in terms of wider perspectives.
Sustaining a blockbuster hit Think about Blockbuster, the blue and yellow pigeon of the entertainment world. Mass production without knowing the demand.
How did the pigeon lose its value so quickly? An example to followed is that of an automobile company which started producing electric vehicles. To successfully navigate through these cycles and come out stronger at the end, companies have to always look externally and ask themselves not what they are selling specifically, but what problem they are solving.
The failure of an organization lies at the top management, the executives are the ones who deal with the policies and rules. When does marketing myopia strike in?
Or else, a business can get trapped in a self-deceiving cycle. Consumers in the market have different perceptions about the advertisements, since they come from different cultures, age, group, and sex.
Conditions that lead to self-deceiving cycle A belief that growth of the business is guaranteed by growth in population.
This backfires on the businesses as the stepchild always turn out to be the Cinderella of the story. I prefer stargazing to spending nights in clubs. Just because a strategy worked in the past does not mean it will be successful in the present or future.
The paper was influential. Nokia losing its marketing share to android and IOS. It is said that these people focus more on the original product and refuse to adapt directly to the needs and wants of the consumer. What is Marketing Myopia?
If you ever think there is an absence of future problems, there can be a problem in your thinking. This in turns builds a culture which is difficult to change and results in irrecoverable losses, and along the process the company reputation is tarnished.
Some commentators have suggested that its publication marked the beginning of the modern marketing movement. If a buggy whip manufacturer in defined its business as the "transportation starter business," they might have been able to make the creative leap necessary to move into the automobile business when technological change demanded it.
Company more focused on selling rather than building relationships with the customers Predicting growth without conducting proper research. They forgot what business they were in.Definition and Examples 5 (%) 5 votes 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 is a narrow-minded approach to a marketing situation, wherein an organization focuses more on its product offerings rather than its customers and market's demand. MarketingWit provides you with more information about marketing myopia along with its examples and how to avoid it.
How to Avoid Myopia and Remain Relevant Even the mightiest companies fail when they lose sight of the business they're really in.
To remain relevant, focus on the true problem you solve. 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. Article: Levitt, T. () “Marketing Myopia”, Harvard Business Review, July-August, Marketing myopia is a term coined by Theodore Levitt. The fundamental concept to take from marketing myopia is that a business will survive and perform better if it focuses on satisfying customer needs rather than selling specific products.
Marketing Myopia, as a term, makes it very clear the inability of the company to be able to identify the actual business in which they are. Marketing Myopia – The Concept with Examples. Companies needs to give a more consumer-centric goal to their business and think beyond just selling their products.
Below are some examples which put forward the phenomenon of Marketing Myopia and how can companies .Download