Marketing Myopia
This article covers meaning, importance & example of Marketing Myopia from marketing perspective.
What is Marketing Myopia?
Marketing myopia is a concept developed by Theodore C. Levitt in 1960, which says that companies focus on their needs & short term growth strategies instead of taking care of the needs & wants of the consumer & therefore fail due to their short-sightedness. The firm is not able to adapt themselves to the highly dynamic market where consumer needs & wants are changing frequently. The company is not able to predict future & think on long terms.
The marketing myopia can be avoided by the company if the business starts focusing on customer needs & requirements instead of just selling a product to the consumer.
Importance of Marketing Myopia
Marketing Myopia becomes very important if a company understands it. Sometimes there is too much focus on selling in the short term that they stop understanding the consumer behavior especially the needs of the customer. Needs of the customer in a market evolves over time. Products that cater to that need can change with time especially with technology, better research. If a competitor offers those products before, the other companies would suffer. If we say travelling from point A to point B is a need, it can be catered to by a horse, a car or a bike. The company needs to research what product they can make and which need they want to compete for. But if a company does not innovate or foresee these changes, their product will suffer and so would the company.
Marketing Myopia Example
A company selling hiking boots is focused on increasing the sales & define marketing in terms of volume sold rather than defining its marketing itself as a company which is concerned with outdoor experience & adventure.
Hence, this concludes the definition of Marketing Myopia along with its overview.
Browse the definition and meaning of more similar terms. The Management Dictionary covers over 1800 business concepts from 5 categories.
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