How to Avoid Marketing Myopia

Examples Of Marketing Myopia Kodak lost much of its share to Sony cameras when digital cameras boomed and Kodak didn’t plan for it. Nokia losing its marketing share to android and IOS. Hollywood didn’t even tap the television market as it was focused just on movies.

Marketing myopia is the failure & narrow-minded approach of marketing management of a company; which only focuses on certain attributes of the product or service while completely ignoring the long terms goals such as product quality, customers need, demand and satisfaction.

1. Have a clear vision. How can this product or service make a difference now and in the future?
2. Put the customer before the product.
3. Do the marketing first.
4. Don’t stop the marketing.
5. Watch the competition.
6. Diversify your products or services.
7. Experiment.

The “new marketing myopia” occurs when marketers fail to see the broader societal context of business decision making, sometimes with disastrous results for their organization and society.

How relevant is it today? Deighton says the idea of marketing myopia is “still very applicable” today, “in part because the original idea wasn’t very prescriptive.

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. The company needs to research what product they can make and which need they want to compete for.

Ford overcomes Marketing Myopia. Marketing myopia was a term coined by Theodore Levitt in the 1960s to describe how companies go bust by focusing on the product, and not the customer need.

Marketing Myopia occurs when companies are over confined in their marketing tactics with less amount of research and they feel that my product is the best ones. Here are some reasons to bring out marketing myopia. More focus on short-term vision rather than long term vision.

CAUSES OF MARKETING MYOPIA

• Companies assume they are in a Growth Industry.
• Companies believe there are no Competitive Substitutes.
• Failure to Consider the Requirements of the Consumer.
• Focusing more on Products and not on Customers.
• Failure to Consider Changing Consumer Lifestyle in the Digital Age.

Strategic myopia is a condition in which the management of a business can see clearly those things that are to take place in the short term, but have only a fuzzy view of what their future might be over the longer term.

The customer is the driving force behind business success. Marketing myopia can be avoided through filtering every strategic initiative and company program through the screen of the customers it seeks to serve, Fundamentally, any company initiative or program must have the customer at its heart.

Companies employ the marketing concept as a strategy to satisfy consumer needs, increase sales, beat the competition, and maximize profit. Marketing myopia sets in when an entity’s focus is on increasing the sales volume rather than knowing the needs of their customers.

A niche market is the subset of the market on which a specific product is focused. The market niche defines the product features aimed at satisfying specific market needs, as well as the price range, production quality and the demographics that it is intended to target. It is also a small market segment.

Companies suffer from “competitive myopia” when they define their competition too narrowly and acknowledge only direct and immediate competitors. …

Green marketing myopia is a lack of discernment by companies to recognize that customers are as concerned with the idea of ”What’s in it for me?” Consumers are drawn to products that fulfill their wants and needs (such as enhanced performance or reduced cost) outside of eco-friendly product features.

Theodore Levitt

Holistic marketing refers to a marketing strategy that considers the whole of a business and all the different marketing channels as a system. Under this strategy, a business with different departments comes together in synergy in pursuit of a conscious mission, great customer experience, and a positive brand image.

Samsung is an example of Holistic marketing where the products are developed keeping the customer in mind, The showrooms are branded in the proper manner, the customer service is polite and the service is fast. Thus Samsung is an excellent example of Holistic marketing.

Although strategies for implementation differ from one company to the next, every holistic marketing approach includes four main components: relationship marketing, integrated marketing, internal marketing, and societal marketing.