As defined by Theodore Levitt in a Harvard Business Review article, marketing myopia is a short-sighted and inward-looking strategy to marketing that focuses on meeting the company’s immediate requirements rather than marketing myopia from the perspective of customers.
The phrase “marketing myopia” was first coined by Theodor Levitt in a marketing report. In 1960, he wrote an article for the Harvard Business Review in which he stated that businesses might do more than merely sell their products. His key point was that marketers should focus on the wants and contentment of the consumer rather than on sales and stuffing people with their items.
Marketing myopia occurs when a company focuses more on sales than on marketing or the demands of its customers.
What Is Marketing Myopia, and How Does It Affect You?
Marketing myopia occurs when a company adopts a limited marketing strategy that focuses on only one component of several possible marketing features. A brand that focuses on developing high-quality items for a consumer base that ignores quality and cares about pricing, for example, is a typical example of marketing myopia.
When Does Marketing Myopia Become a Problem?
When short-term marketing objectives are prioritized above long-term goals, marketing myopia sets in.
Here are several examples:
- A greater emphasis on selling rather than creating client connections.
- Making growth predictions without performing enough study.
- Mass manufacturing without first determining demand.
- Emphasizing only one component of the marketing features rather than concentrating on what the consumer wants.
- Failure to adapt to the changing customer environment.
According to Levitt, business is truly a customer-satisfying organization, and hence should be focused on the requirements and wishes of consumers.
Cycle of Self-Deception
It is difficult to predict when a company will grow. The business environment, like a business, is ever-changing. Businesses that fail to assess their capabilities, rivals’ capabilities, client demands, and shifting trends are prone to self-deception.
The Factors That Cause The Self-Deceiving Cycle
- An assumption that population increase will ensure business growth.
- The belief that the company’s product is unrivaled in the marketplace.
- Because supply generates its demand, large manufacturing is possible.
- Exaggeration of a product’s virtues without scientific investigation.
If you ever believe there will be no future challenges, you may have an issue with your thinking.
Treatment of Stepchildren
Customers’ requirements are frequently treated like a stepchild by businesses, who treat their product as if it were their child. As a result, they give most of their resources to creating their product, leaving little or no help for research and marketing. It has the unintended outcome of making the stepchild the Cinderella of the narrative.
Marketing Myopia Case Studies
There was a period when Kodak cameras were at the top of the market, and they continued to make the same sorts of cameras across time. Sony’s digital cameras were a tremendous hit when they first came out on the market. The cameras made by Kodak were removed from the market.
In 2006, Blackberry phones had a 50 percent market share in the United States and a 20 percent global market share. When smartphones were brought to the market, the demand for Blackberry began to decline. BlackBerry now has a market share of 0% in the smartphone sector.
Nokia’s button pad phones were at the market leader from early 2000 to 2006, and Nokia owned the whole market. Nokia’s product did not evolve in tandem with technological advancements. Nokia phones were no longer available on the market in 2016, exactly ten years later. Samsung and iPhones have taken up the whole market share that Nokia ever held.
Video games, TV shows, movies, showbiz, and other forms of amusement today all fit under the umbrella of entertainment. It’s because they’re all aiming for the same audience, so rather than distinguishing themselves from one another, they’ve opted to agree on one thing: to entertain their audience and collaborate.
In the future, myopia will be promoted.
- Dry cleaners — As new fiber and chemicals become available, demand for dry cleaners will decrease.
- Supermarket shops – As people adopt a more digital lifestyle, grocery stores will become obsolete.
Root Causes of Marketing Myopia’s
What leads marketers to embrace narrow-minded methods and become marketing myopic is now the question. However, there are a variety of causes of marketing myopia, which vary from company to company; some of the most prevalent reasons for marketing myopia include:
“Businesses Assume They Are in a Growing Industry.”
It takes time to develop a reputation and develop a brand, and it doesn’t happen quickly. However, if a company achieves that success, it becomes a market leader in growth for an extended period.
However, their belief that they are invincible in the market leads them to make incorrect assumptions, such as that anything they manufacture will sell. Because they are either the primary producer or the only manufacturer in the market, they focus only on their sales methods rather than creating relationships with clients.
“Companies feel there are no competitive substitutes,” says one executive.
When a company is the only manufacturer in a market with no competitors, it believes that things will remain the same indefinitely and always be at the top. They become lethargic due to their delusory thinking, and they cease investing in research and development to improve. Finally, a rival with unique characteristics enters the market and captures the entire market share.
“Failure to Consider the Consumer’s Requirements”
One of the leading causes is that companies fail to address client needs as part of their marketing plan. They grow so self-assured that they cease asking their clients if they want or don’t want our goods. As a result, anytime a rival joins the market, the gap between the customer’s requirements and the company’s offering widens. People abandon the myopic marketing brand.
“Putting greater emphasis on products rather than customers.”
Marketing myopia firms are primarily concerned with their product, not with the demands and wants of their clients. They continue to produce their items, notwithstanding market needs. Customers only purchase their merchandise because they have no other option.
“Failure to Take into Account Changing Consumer Lifestyles in the Digital Age”
Technology not only presents us with new things; it also affects our lifestyle by making us more leisurely as a result of those items and services. When marketers fail to consider their clients’ changing lifestyles, their product becomes outmoded and no longer meets their needs. Customers will not purchase a product that does not suit their needs.
When will Marketing Myopia be released?
Marketing myopia happens when a company’s marketing strategies are overly limited, with little research, and they believe that my product is the best.
Here are a few reasons to call attention to your marketing myopia.
- The short-term vision is prioritized above the long-term vision.
- The primary purpose is to sell the items rather than create articles tailored to the customers’ needs.
- Marketing efforts are overly restricted.
- Belief in the ability to develop a superior business model without the assistance of a market study.
- Mass manufacturing without knowing what people want.
- The market is devoid of competitors.