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This question is about marketing internship skills.
What is marketing myopia?
Marketing myopia suggests that businesses will do better in the long term if they concentrate on improving the utility of a product or goods, rather than just trying to sell their products. The term was first coined by Theodore Levitt in 1960 to describe a short-sighted and inward-looking approach to marketing, which focuses on the needs of the company instead of defining the company and its products in terms of the customers' needs and wants.
The belief is that by focusing on meeting customer needs and understanding how their product fits into the larger market. By taking a more holistic view of the market and understanding the needs of their customers, companies can create an effective marketing strategy that will drive sales and long-term loyalty.
Marketing myopia, however, is typically not seen as a good thing. A famous example of marketing myopia comes from the fall of Blockbuster, a once household name this video rental company lost sight of why people used their services in the first place and they failed to adopt new technologies as the market changed.
Examples of poor marketing management that lead to marketing myopia include:
Overconfidence: Companies that become so certain of their success they neglect to craft a business strategy that outlines tactics to employ if their sales begin to decline. The slow shift of their marketing approach results in missed growth opportunities and new customers turning instead to competitors.
Neglecting to identify a target demographic: Instead of researching and creating buyer personas, they choose to run their ads to general audiences. They will most likely pay more for advertising to get customers than if they paid for market research ahead of time and narrowed down their target market.
Rushing product development: Rushed deadlines can lead to lower quality, and their customer base is unhappy with the product. Eventually, the customers lose trust in the company's new products and turn to the competitor's products.
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