MARKETING MYOPIA
Market myopia- (my-o-pi-a):- SHORT-SIGHTED,LACKING FORESIGHT OR INTELLECTUAL INSIGHT which is considered as "product concept" that means narrow market approach which company implied in their products, company mainly focus on quality of product rather than actual demand of customers.
By phillip kotler 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).
CAUSE OF MYOPIA -company focus on short sightened and inward looking approach that benefit to need of firm instead of customers needs and want. company predict their growth without doing any market research which experience negative effect.
SELF DECEIVING CYCLE: (to make something that is not true), when companies assume faster growth they descend into stagnation through self deceiving cycle of expansion and decay.
FOR EXAMPLE: BlackBerry phones they didn't chnage their market strategy and believe they retain in market for long times but BlackBerry could eventually go the way of the Dodo the bird that couldn’t fly and is now extinct
CUSTOMER/POPULATION/MARKET MYTH- companies have false belief that profit are increase due to increase of customers that is customers purchasing our products. this belief result in negative profit and decline the company.
FOR EXAMPLE: DRY CLEANERS with increase of population, competition is also increase. for this synthetic fibers and chemical additive began to appear, customer need for dry cleaning decrease
CULTURAL MYOPIA-many of us focusing on our own culture and short sighted of others culture.
SOME EXAMPLES WHERE MYOPIA PRESENT :
By phillip kotler 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).
CAUSE OF MYOPIA -company focus on short sightened and inward looking approach that benefit to need of firm instead of customers needs and want. company predict their growth without doing any market research which experience negative effect.
SELF DECEIVING CYCLE: (to make something that is not true), when companies assume faster growth they descend into stagnation through self deceiving cycle of expansion and decay.
FOR EXAMPLE: BlackBerry phones they didn't chnage their market strategy and believe they retain in market for long times but BlackBerry could eventually go the way of the Dodo the bird that couldn’t fly and is now extinct
CUSTOMER/POPULATION/MARKET MYTH- companies have false belief that profit are increase due to increase of customers that is customers purchasing our products. this belief result in negative profit and decline the company.
FOR EXAMPLE: DRY CLEANERS with increase of population, competition is also increase. for this synthetic fibers and chemical additive began to appear, customer need for dry cleaning decrease
CULTURAL MYOPIA-many of us focusing on our own culture and short sighted of others culture.
SOME EXAMPLES WHERE MYOPIA PRESENT :
- ENTERTAINMENT- in entertainment sector that is T.V sector company believe that customer need any show but actually customer need some informative and entertainment show instead of that show which create negative impact.
- RAILROAD- many firm were railroad oriented rather than transportation oriented, they allowed other industries( cars, airplane ) to fill their customer transportation
- GROCERY STORES- corner shops failed to understand the customer needs and wants and replaced by supermarkets
- KODAK COMPANY: Kodak film company is suffer from myopia. they did not view Companies like Sony and Canon they took a proactive approach to marketing digital cameras and when Kodak decided to get in the game it was too late.
- NOKIA: Nokia is also suffer from myopia. company did not consider the customer need and they just focus on their quality of product. majority customers are going towards APPLE and SAM SUNG due to latest technology and features.
- Company who experience growth also experience obsolescence, only effective strategies can save them meeting customer need or by doing effective market research. company belief that an industry is a customer satisfying process rather than good producing process. Before company patent, raw material , industry must begin with customers need.
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