A term used in marketing as well as the title of an important marketing paper.
Marketing Myopia Definition. Marketing myopia develops when a company’s competitive domain is defined primarily according to its products rather than the needs of the market (Levitt, 1960). Marketing myopia proved to be a formative piece of work by Levitt and many other concepts in marketing and broader business strategy were based on findings from this theory. Implications of the Marketing Myopia theory – Marketing myopia can be used by marketers as well as advertisers to determine whether or not they are catering the right market. Should they adapt their products to cater a larger market. What kind of advertising strategies should they use. The theory states that marketers should look towards the market and modify the company and products accordingly rather than looking towards your own company, its potential and then catering the market. Definition. A short-sighted and inward looking approach to marketing that focuses on the needs of the company instead of defining the company and its products in terms of the customers ' needs and wants. It results in the failure to see and adjust to the rapid changes in their markets. Our marketing myopia strategy focused on us, which was good because we had been focused on others for too long. Marketing Myopia. The marketing myopia theory was originally proposed by Theodore Levitt. The theory states that marketers should look towards the market and modify the company and products accordingly rather than looking towards your own company, its potential and then catering the market. Sustainability marketing myopia is a term used in sustainability marketing referring to a distortion stemming from the overlooking of socio-environmental attributes of a sustainable product or service at the expenses of customer benefits and values. The marketing myopia theory was originally proposed in 1960 by American economist Theodore Levitt. According to Levitt marketers should not overlook the importance of company potential and product attributes at the expenses of market needs; catering for market needs should receive first priority. Rather than defining the company and its products to respond to the customers' needs and wants, this is a short-sighted, inward, myopic marketing approach focusing on the company's needs. The failure to see and adjust to the rapid market changes is typically the unfortunate results.  Marketing Myopia is a term used in marketing as well as the title of an important marketing paper written by Theodore Levitt. Kotler and Singh (1981) coined the term marketing hyperopia, by which they mean a better vision of distant issues than of near ones. Baughman (1974) uses the term marketing macropia meaning an overly broad view of your industry. Adorable animal families that will make you aww. Marketing myopia is an advertising strategy that does not focus on the needs and wants of consumers, but the desires of a company to sell specific goods or services in the economic market. Marketing myopia may also occur when a business focuses on developing advertising strategies for the wrong target markets or demographic groups. Lesson Summary. ' Marketing myopia ' is a term coined by Theodore Levitt. A business suffers from marketing myopia when a company views marketing strictly from the standpoint of selling a specific product rather than from the standpoint of fulfilling customer needs. Defining Marketing Myopia. The term ' marketing myopia ' was first expressed in a famous article of the same name written by Theodore Levitt for the Harvard Business Review in 1960. In 'Marketing Myopia,' Levitt argued that many companies incorrectly take a shortsighted approach to marketing, viewing it as merely a tool for selling product
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what is marketing myopia