‘Marketing Myopia’ is a term used in marketing as well as the title of a marketing paper written by Theodore Levitt. This paper was published in 1960 in the Harvard Business Review, a journal of which he was an editor.
Due to the short-visional mindset and wrong assumption that a firm is in its peak phase, the company gets into complications and a loss of direction as in what customers actually want. To sustain and rise, companies must focus and take an action on their customers’ needs and desires. The majority of the times when success is sedate or stagnant is not because the market is bearish or competition is high. It is because there has been a failure of management.
Every now and then, the sight of most companies is misguided by a narrow interpretation of what business they are in, giving a thought over vision and awakening decisions of their market in the arena of a wider standpoint. One reason that constricted mindset is so common due to the company feels they will not be in the position to predict market conditions in the future. While this is the factor to be worried about, it is also easy to adopt numerous prediction techniques currently available to estimate future circumstances. I believe, there is no such concept as a rising industry. There are only structured organizations that are goal-driven or target-oriented, take up the chance to gain advantage from available opportunities.
There is considerable breadth of avenues to rise and shine as the market changes. It trains organizations to aim beyond their existing practices and think out of the box. People who focus on marketing strategy, various predictive analysis, and the customer’s lifetime value, can rise above myopia to a certain extent. This can entail the use of long-term goals at the risk of sacrificing short term goals.
The “new marketing myopia” comes into picture when companies fail to see the broader social context of business decision making and thereby, causing disastrous results for their organization and society. It grows from three interconnected phenomena:
- A single-minded focus on the customer
- An overly narrow definition of the customer and his or her needs
- A failure to analyze the changed social context of business that demands addressing multiple stakeholders.
Therefore, we need to keep in mind that entrepreneurs will only succeed if they focus on seeing and catering to consumers’ needs rather than just concentrating on selling!!!