How can Marketing Myopia be avoided?
How to Avoid Marketing Myopia Have a clear vision. How can this product or service make a difference now and in the future? Put the customer before the product. Do the marketing first. Don’t stop the marketing. Watch the competition. Diversify your products or services. Experiment.
What is the meaning of marketing myopia?
What is marketing myopia? It’s a theory that states companies focus on their needs and short term growth strategies. They neglect the needs and wants of their customers and fail as a result.
What are the causes of marketing myopia?
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.
Why is marketing myopia important?
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.
What is an example of marketing myopia?
For example, a brand focusing on development of high-quality products for a customer base that disregard quality and only focuses on the price is a classic example of marketing myopia.
What is strategic myopia?
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.
Who gave the concept of marketing myopia?
Levitt didn’t offer ‘ten steps to eliminate marketing myopia ‘. Instead, he was all about provoking people to think differently.” In fact, Deighton still uses the concept frequently when he introduces what marketing is to business school students.
Why is marketing myopia very dangerous?
This mindset, which he dubbed “ marketing myopia,” refers to when companies become complacent and lose vision of what their customer really wants. This inevitably leads to a halt in growth and a decline in profits – often leading to the eventual death of the company. Listen to the customer’s needs and wants continually.
What is competitor myopia?
Competitor Myopia is a situation where a company focuses so much on its competitors that it actually forget it’s actual or large goal.
What does myopia mean?
Nearsightedness ( myopia ) is a common vision condition in which you can see objects near to you clearly, but objects farther away are blurry. It occurs when the shape of your eye causes light rays to bend (refract) incorrectly, focusing images in front of your retina instead of on your retina.
What is marketing myopia What are the short and long term implications for business in this situation?
The short and long term implications in marketing myopia is that the strategies used by the companies are focused in resolving short term goals and they over look the long term goals of the company that defines the vision and mission of the company and they fail to monitor the market changes.
What is a marketing plan called?
The terms marketing plan and marketing strategy are often used interchangeably because a marketing plan is developed based on an overarching strategic framework.
What is the marketing concept in marketing?
The Marketing Concept is preoccupied with the idea of satisfying the needs of the customer by means of the product as a solution to the customer’s problem (needs). The Marketing Concept represents the major change in today’s company orientation that provides the foundation to achieve competitive advantage.