What Is Market Myopia?

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Author: Artie
Published: 26 Nov 2021

Marketing Myopia: A New View

Marketing myopia is a failure and narrow-minded approach of marketing management that only focuses on certain attributes of the product or service while ignoring the long term goals such as product quality, customers need, demand satisfaction. Nowadays, all of the above are categorized into the category of entertainment. It is because they all target the same audience and have decided to work in collaboration, instead of differentiating themselves, because they all agree one thing.

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The Marketing Myopia

The marketing myopia was first mentioned in a Harvard Business Review article by Theodore, which is a method of marketing that focuses on taking care of the company's immediate needs instead of marketing to the consumer. We will give you a definition of marketing. The marketing myopia can be explained as a condition when an origination has a limited-thinking market technique and concentrates primarily on a single element out of all probabilities of marketing factors.

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Marketing Myopia: Why Growth Industries Fail

The focus of marketing is to sell goods and services at the expense of consumer needs. Theodore Levitt was a Harvard Business School professor. Levitt originally described the concept in the context of organizations that think that high growth industries never fail.

Seemingly unprofitable businesses believe that their product is their business. They either neglect consumer needs over time or fail to create a buyer persona in the first place. Some of the more famous stories of marketing are caused by growth industries.

Businesses in growth industries are lulled into a false sense of security. They assume that whatever they produce will meet consumer needs. A business that is the sole producer in a market can become careless.

It stops investing in research and development and product quality suffers because of it. Mass production and its ability to drive down manufacturing costs are two forms of marketing myopia. Businesses here become obsessive about reducing costs at the expense of determining whether the consumer wants to buy the product.

Marketing Research: A Key Tool for Identifying Customer Satisfaction

Marketing research can help determine whether or not the selling activities are generating profit for the company. Market research can be done in many different ways. It can be done through surveys, focus groups, product testing, and even social media.

Marketing research is important for any business that wants to be successful, as success of their products and services is dependent on how well they are marketed. Customer satisfaction is a key element to marketing because it determines whether or not customers will return to a business. It shows whether or not customers think a product is of high quality.

Market Myopia: How to Make the Most of Your Competition

Marketing myopia is a narrow-minded approach to marketing that ignores long-term goals such as customer needs, product quality, and satisfaction in favor of short-term goals. Kodak overlooked its competition and thought it was impervious, while its competitors were sneaking up on it and eventually they took over. You should always try to satisfy your customers and be different from your competitors.

When a firm is dominating the market for a long time, it starts to relish the fact that it will last forever. The larger company thinks they are unbeatable. To add value to your customers, you need to research your market.

You can fix loopholes in the market. People will want to buy your product if you fix more loopholes. You can conduct a SWOT analysis to find out where your organization needs to improve and where it is currently.

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