Marketing Myopia means means short-sightedness in a business.
According to Levitt, (1960) “Marketing myopia means short sightedness, narrow view of marketing and its environment in a business”. This type of advertising plan does not have anything to do with the customer’s requirement; however the will of an organization is to sell specific product or services within the economic market, Osmand, (2003). It inclines a business to specialize in what it desires instead of what the shopper desires and tends to form a culture that's immune to modification, each usually end in a loss of name, ...view middle of the document...
When we interact with our customers, perceive their views, we’ll be able to perceive the ideas that resonate and inspires. Specializing in the mind of your client puts you within the right place to capitalize once that concept surfaces. The customer’s expertise defines your product; his perspective alone describes your worth. Ultimately, his selections derive your success, Understanding your processes defines you as a merchant. Understanding the client defines you as a merchandiser.
“Selling focuses on the requirements of the vendor, selling on the requirements of the buyer” Michel, P., (2012).
Q1. What are the key failings in marketing as a business practice perceived by Levitt in 1960? Levitt, (1960).
This means the most important problems in a business practice. The failure started at the top, which is that the management failed. Most of the things done in the business practices as perceived are not looking at the customer aspect rather they are looking at the product aspect Kolter & Singh (1981).
They had a poor management failure not because the market is not saturated but because of their own MYOPIA, Michel, P., (2012).
They lacked thinking ability, Payne & Whittaker (2006).
They looked at the product which was supposed to be developed but never developed it which means that they were not looking at the long term rather they were looking at the short term which is myopic. Example the petroleum.
The situation of the railroad transportation worsened very bad because “they were railroad oriented instead of product oriented; they were product oriented instead of customer oriented and as result of that their customers were taken away by their competitors, Payne & Whittaker (2006).
They were product oriented than customer oriented, not concerned about the customer wants and there was more on supply and less in demand.
They lack imaginative skills of thinking how the rail road can grow in the future also to the Hollywood who lacked skills of thinking how they can become a good entertainer rather they assumed to be producing films.
They never saw the product as holistic but narrow example is the Fuel industry not seen as petroleum but seen as energy business and that of holly wood not seen as producing movie but as entertainments and also fail to look at the industry from a marketing perception, Payne & Whittaker (2006).
There is a misconception of manufacturer’s; they only think about that particular product they don’t see the category of the product.
Poor product: They were unable to conduct a perfect product research, knowing the kind of products needed by their customers which causes failure to the business and cannot have a good sale in the market.
According to Kolter & Singh (1981) “Market research consists of testing the market to see the acceptance of a selected product or services, particularly...