Marketing Myopia : One of the most important Marketing concepts to prevent your business from failing!

Marketing Myopia is a very important marketing term which was first expressed in an article by Theodore Levitt who was an economist and a professor.

Marketing myopia strikes when a company focuses more on sales than marketing and shies away from knowing more about the customer needs. This is a really dangerous spot to be in for any company as far as long-term success is concerned. Thus marketing myopia is a situation when a company has a narrow minded approach, where it focuses only on one aspect and ignores the other marketing attributes/factors which are at play, for example, focussing too much on the quality of the products than understanding what the customers really need.

Thus, in marketing myopia, short term goals are given more importance than the long-term goals. It is obvious that, if a company is solely focussing upon selling or profit maximization and ignoring researching or building the right relationships with customers, then it is not going to stand for long in the market since markets are dynamic and need constant experimentation, innovation and implementation of a variety of strategies.

During marketing myopia, companies predict growth without conducting proper research. Mass production is given priority without knowing the actual demand which results in not changing with the dynamic consumer environment.

The best examples are : Nokia losing its market share to android and IOS. Kodak lost its share to Sony cameras when digital cameras boomed and Kodak was left behind because of its myopic planning.

Image Source : Freepik.com

2 Replies to “Marketing Myopia : One of the most important Marketing concepts to prevent your business from failing!”

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