Marketing Myopia is a concept coined by Theodore Levitt in an influential article published in the Harvard Business Review. Let’s delve into its essence:
- Definition:Marketing Myopia refers to a short-sighted and inward-looking approach to marketing.Instead of focusing on the customer’s perspective, businesses afflicted by marketing myopia concentrate on their own immediate needs.It’s akin to wearing blinders, where the company’s vision narrows down to its existing products or services without considering broader market dynamics.
- Root Cause:The primary cause of marketing myopia is mismanagement.Industries often fall into this trap when they emphasize selling over marketing.Selling caters to the seller’s needs, while marketing prioritizes the buyer’s needs.
- Historical Examples:Railroads: The railroad industry serves as a classic example. Instead of viewing themselves as part of the broader transportation business, they remained railroad-oriented.The failure wasn’t due to a decline in the need for passenger transportation; it occurred because they didn’t adapt to the changing landscape.
- Key Takeaways:To ensure sustained growth and evolution, companies must:Broadly define their industries to seize growth opportunities.Understand and act on customers’ needs and desires.Shift from product orientation to customer orientation.Create an environment that reflects this mission.
- Conclusion:Every industry was once a growth industry, but mismanagement can lead to stagnation.The best way for a firm to be lucky is to make its own luck by embracing a customer-centric mindset.
Remember, marketing myopia is like mistaking the forest for a single tree—it blinds us to the vast landscape of possibilities
