It is about the failure of a firm on defining their business that instead of describing it broadly to take advantage of the growth opportunities they are often define it narrowly claiming that they are unique. In business you much know what is your business about for,it is not the uniqueness of your business but it is how you respond to the needs of your customer to satisfy them. One example that Theodore Levitt gave is the railroad company it was then a growing industries and it was a boom because no other transportation could compete with the railroads in speed, flexibility, durability and economy. But the railroad did not stop growing because the need for passenger and freight transportation declined and also not because the need was filled by other transportation like cars, trucks and airplanes but because they assumed themselves to be in the railroad business rather than in the transportation business.
Magazine The Ultimate Guide to Marketing Myopia Myopia — perhaps some of you may be familiar with this term but you may be wondering, how does it relate to marketing? For those of you who do not know, myopia describes the phenomenon of distant objects appearing very blurry.
Some people just call it nearsightedness. Is it the shortsightedness of marketing tactics? Failure to see the long-term goals of marketing schemes? Well the answer is yes and no.
It is a little more complex and multi-layered than that description. Marketing Myopia is the title of a marketing paper written by Theodore Levitt that was published in the Harvard Business Review in This brings up the age-old debate of selling vs.
Many people conflate the two terms. When you Marketing myopia reaction paper selling, you are putting your efforts into creating the best product on the market according to you that will appeal to the broad spectrum of the target audience.
Many businesses put far too much emphasis what they are creating and selling but fail to look at the bigger picture — what do my clients actually want?
Marketing Myopia is deals with the shortsighted nature of many companies who start strong but end up failing at the end.
These companies seem to concentrate so much on immediate short-term gains that they lose sight of making profits and benefits in the long run. To give you a better idea of what Marketing Myopia is, we have compiled an extensive guide for you that goes over several talking points of marketing.
By the end of this, we hope to have clarified the mystery of marketing and made you open your eyes a little bit wider to see the bigger picture of long-term gains. This results in companies failing to adapt to the market and it causes them to always play catch-up with the trends of the market.
Instead, companies should clearly define their products by catering to the target audience and addressing their wants and needs rather than their own. Companies need to have a clear vision by being customer-oriented, always prioritizing the demands of the market above everything else.
We will touch upon this particular case in an example in this article but we will also provide other examples from other industries to show more instances of shortsightedness in marketing by companies that have failed to adapt. We will look at various causes of marketing myopia below and give various examples to demonstrate how they can be very detrimental to any business.
Suffering from this phenomenon is usually indicative of poor management.
Good management will generally not look at things in short-term gains but instead look toward the long-term benefits. We will talk about this later.
Companies assume they are in a Growth Industry What is a growth industry? It is also called a sunrise industry. It is the opposite of a mature industry. Growth industries are often associated with new or pioneer industries that did not exist in the past and their growth is related to the consumer demand for new product or services offered by firms within the same industry.
Well, at least the company thinks so. With the following example, you will clearly see why companies who assume that their product or service is the be-all and end-all of solutions usually shoot themselves in the foot.
Example — Dry Cleaning While it may be hard to believe this in the yearthe dry cleaning business was actually once considered to be a growth industry with lavish prospects. In the midth century, where most people wore garments made of wool, it was a wonderful and pleasant feeling of getting your garments safely and easily cleaned.
At the time, it was really a lifesaver. Yet here we are in the 21st century and nobody is really talking about the dry cleaning industry.
Was there a better way of cleaning? Well, yes and no.Marketing Myopia, first expressed in an article by Theodore Levitt in Harvard Business Review, is a short-sighted and inward looking approach to marketing which focuses on fulfillment of immediate needs of the company rather than focusing on marketing from consumers’ point of view.
a new form of marketing myopia that, in today’s business environment, can also cause serious distortions of strategic vision and the possibility of business failure, or at least exacerbate the marginalization of the marketing function.
Marketing Myopia, however, could be found in any organization. An example taken from Ivey Business Journal is presented here which discusses the downfall of P&G owned coffee roasting company, Splendid, and the rise of Starbucks.
> Marketing Myopia reaction paper Sample Marketing Myopia reaction paper - Essay Example When It comes to the topic of marketing, or anything that has to do with business, I personally am not very Interested In It, thus making me not that very knowledgeable In this topic.
Sep 12, · Marketing Myopia was a seminal, epoch-making article written by Theodore Levitt; originally printed in the Harvard Business Review (HBR). At the time of the publication of this article, Theodore Levitt was a lecturer in Business Administration at the Harvard Business School; now, he is a full-fledged professor.
Jul 04, · A Summary on Marketing Myopia. Marketing Myopia is a term used in marketing which has been written by Theodore Levitt. As the name describes the story, basically this concept talks about short.