Posted in Marketing and Strategy Terms, Total Reads: 1900
Definition: Marketing Myopia
Marketing myopia is a concept developed by Theodore C. Levitt in 1960, which says that companies focus on their needs & short term growth strategies instead of taking care of the needs & wants of the consumer & therefore fail due to their short-sightedness.
The firm is not able to adapt themselves to the highly dynamic market where consumer needs & wants are changing frequently. The company is not able to predict future & think on long terms.
The marketing myopia can be avoided by the company if the business starts focusing on customer needs & requirements instead of just selling a product to the consumer.
For example: A company selling hiking boots is focused on increasing the sales & define marketing in terms of volume sold rather than defining its marketing itself as a company which is concerned with outdoor experience & adventure.