Marketing Myopia - elementary explanation
- 2. MARKETING MYOPIA The term was coined byTheodore Levitt in 1960 The phenomenon of short-sightedness and inward looking approach of a company.The company defines itself as selling a specific product instead of defining itself in terms of customers needs and wants
- 3. FACTORS LEADING TO MARKETING MYOPIA • Focus on products, not customers: – Myopic companies tend to view their business through the lens of their own products or services, rather than understanding and catering to the needs of their target audience. • Short-sightedness: – They prioritize immediate sales and profits, neglecting the potential for long-term growth and market leadership. • Lack of innovation: – They fail to adapt to changing market trends, technological advancements, and evolving customer demands, leading to stagnation. • Inward focus: – They are often complacent with their current position, neglecting to explore new markets, product lines, or customer segments.
- 4. CONSEQUENCES OF MARKETING MYOPIA • Missed opportunities: – Companies may fail to capitalize on emerging market trends and technological advancements. • Stagnant growth: – They may struggle to maintain market share and achieve long-term growth. • Poor ROI: – Investments in marketing and product development may yield low returns due to a lack of focus on customer needs. • Potential decline: – In extreme cases, marketing myopia can lead to a company's decline or even failure, as it fails to adapt to changing market dynamics.
- 5. OVERCOMING MARKETING MYOPIA • Customer-centric approach: – Businesses should prioritize understanding their customers' needs, desires, and evolving preferences. • Focus on utility: – Companies should focus on improving the overall utility of their products and services to create value for customers. • Innovation and adaptability: – They should be proactive in exploring new markets, technologies, and product lines to stay ahead of the curve. • Strategic thinking: – Businesses need to adopt a long-term perspective, considering the implications of their decisions on future growth and market share.
- 6. PRODUCT – NOT CUSTOMER/INDUSTRY • Kodak: • Despite being an innovator in film, Kodak failed to recognize the potential of digital photography and the changing consumer needs, ultimately losing market share to digital camera manufacturers. • Blockbuster's focus on renting physical DVDs led them to overlook the growing popularity of streaming services like Netflix, which catered to the changing consumer demand for on-demand entertainment. • Nokia's dominance in mobile phones was lost as they failed to adapt to the rise of smartphones, particularly the iPhone, which offered a broader range of features and a more user-friendly interface.
- 7. SHORT SIGNTEDNESS • A sports team solely focusing on selling tickets without considering the overall fan experience, such as stadium ambiance, concessions, or digital platforms, is an example of marketing myopia. They are fixated on the immediate sale of tickets rather than building a broader fan base through a holistic experience. • Eg-….
- 8. LACK OF INNOVATION • Walkman is a brand of portable audio players manufactured by Sonysince 1979. It was originally introduced as a portable cassette player and later expanded to include a range of portable audio products. • Eg ,……
- 9. INWARD FOCUS • Kodak • Barbie • Eg …….