Marketing myopia is defined as an approach followed by a company that focuses on the immediate needs of the company rather than focusing on marketing from the point of view of consumers.
The company focuses on sales more than on marketing or consumer needs. Marketing myopia is a condition in which the company has a narrow-minded marketing approach and focuses primarily on only one aspect out of many possible marketing attributes.
For example, focusing on developing high-quality products for a group of customers who do not pay much attention to quality and care only about the price of the product is the most prominent example of marketing myopia.
When does myopia in marketing begin?
Marketing myopia occurs when short-term marketing goals are given greater importance than long-term goals. Some examples:
- Mass production without knowing the size of the order.
- Focus on selling rather than building customer relationships
- Expect growth without doing any research.
- Not adapting to the dynamic consumer environment, highlighting only one aspect of marketing without focusing on what the customer actually wants.
Companies that do not evaluate their capabilities, competitors, customer needs and changing trends always tend to fall into the cycle of marketing myopia. Some companies believe that business growth is guaranteed by population growth, and also believe that there is no competitive alternative to the company's product. Other companies overestimate the quality of The product without conducting scientific research, all of which is counterproductive to the business.
Here are some companies that have suffered from marketing myopia:
- Lost company Nokia Its marketing share is in favor of smartphone companies.
- Lost Kodak Much of its share of Sony cameras when digital cameras boomed and Kodak didn't plan for that.
- I lost a company Yahoo Much of its stake was estimated at billions until it was bought by the American company Verizon.
Failure to adapt to consumer needs and wants and a narrow understanding of business, and focus more on the product instead can lead to disastrous consequences if you do not pay close attention to the needs of consumers. To continue to grow, companies must ascertain the needs and wants of their customers and act accordingly.
Therefore, CEOs must be urged to re-examine the company's vision and redefine their markets from a broader perspective.
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