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Nearest Metro Station Samaypur Badli Or Rithala Marketing Myopia | EVERYTHING YOU NEED TO KNOW ABOUT MARKETING MYOPIA | MARKETING TOPICS | HINDI
Marketing Myopia is a term used in marketing as well as the title of a marketing paper written by Theodore Levitt. This paper was first published in 1960 in the Harvard Business Review, a journal of which he was an editor. Marketing Myopia suggests that businesses will do better in the end if they concentrate on meeting customers’ needs rather than on selling products.
The Myopic cultures, Levitt postulated, would pave the way for a business to fail, due to the short-sighted mindset and illusion that a firm is in a so-called ‘growth industry’. This belief leads to complacency and a loss of sight of what customers want.
To continue growing, companies must ascertain and act on their customers’ needs and desires, not bank on the presumptive longevity of their products. In every case the reason growth is threatened, slowed or stopped is not because the market is saturated. It is because there has been a failure of management.
Some commentators have suggested that its publication marked the beginning of the modern marketing movement. Its theme is that the vision of most organizations is too constricted by a narrow understanding of what business they are in. It exhorted CEOs to re-examine their corporate vision and redefine their markets in terms of wider perspectives. It was successful in its impact because it was, as with all of Levitt’s work, essentially practical and pragmatic. Organizations found that they had been missing opportunities which were plain to see once they adopted the wider view. The paper was influential. The oil companies (which represented one of his main examples in the paper) redefined their business as energy rather than just petroleum. By contrast, when the Royal Dutch Shell embarked upon an investment program in nuclear power, it failed to demonstrate a more circumspect regard for their industry.
One reason that shortsightedness is so common is that people feel they cannot accurately predict the future. While this is a legitimate concern, it is also possible to use a whole range of business prediction techniques currently available to estimate future circumstances as best as possible.
There is no such a thing as a growth industry. There are only companies organized and operated to create and capitalize on growth opportunities. There are 4 conditions of the self-deceiving cycle:
The belief that growth is assured by an expanding and more affluent population.
The belief that there is no competitive substitute for the industry’s major product.
Too much faith in mass production and in the advantages of rapidly declining unit costs as output rises.
Preoccupation with a product that lends itself to carefully controlled scientific experimentation, improvement, and manufacturing cost reduction.
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