Market or Marketing Myopia
Its a term used in business and strategy as well as the title of an important marketing paper written by Theodore Levitt. This paper was first published in 1960 in the Harvard Business Review.
Lets study IIMA way..
Today google this topic and make your notes.. tomm will discuss this topic in GD..
Download the direct pdf of marketing myopia here… click here
Note: HBR articles are American examples so look for Indian examples for better understanding..
(This was my first assignment at IIMA)
(Read below if you have done your homework)
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.
The concept of marketing myopia was discussed in an article (titled “Marketing Myopia,” in July-August 1960 issue of the Harvard Business Review) by Harvard Business School emeritus professor of marketing, Theodore C. Levitt (1925-2006), who suggests that companies get trapped in this situation because they omit to ask the vital question, “What business are we in?”
USAGE EXAMPLES (Indian context)
1. Wrist Watch – mobile phones over night replaced the market for wrist watch as one don’t need to wear phone as they can see time on their phones, set alarms and reminders. Now watch companies are rebranding wrist watches as style statement rather than a necessity.
2. Hindustan motors
A classic example of marketing myopia is Hindustan Motors, which failed to change with the economy because of company’s short-sighted, temporary or narrow-minded approach.
Now you think of 3 examples of marketing myopia..
6. Indian postal services
It was till late nineties that postal services and the public PCO booths were widely used in India. But after the introduction of Internet and Mobile phones, postal services everywhere faced major setbacks and so did the public telephone booths. Upto the level that post is trying to ban courier services in India so that can live…
Postal Service is on the same fast-track highway to death as the Yellow Pages, Classified Ads, Movie Rental Stores, VCRs, cameras that use film, and dial up internet access.
How to avoid marketing myopia
Have a broader view.. let’s take example of Indian postal services now called India post.
Why wasn’t indian postal services be named indian communication services and seen in broader perspective. Or even broader by including banking, insurance and tickets booking into it. That could have made it not only survive but also listed as navratana company like ongc or Indian oil.
1. Our marketing myopia strategy focused on us, which was good because we had been focused on others for too long.
2. You should always try to avoid a marketing myopia if possible and think more about the long term plans you have.
3. You may want to try to use a marketing myopia to really hit the consumers hard when a new product is released.