Marketing Myopia Definition:
Marketing myopia is the mistake of paying more attention to the specific product a company offers than to the benefits and experiences produced by these products. In the traditional marketing companies pays more attention to generate huge volume of sales via different marketing techniques. While in the modern marketing companies focuses to satisfy the customers’ needs.
In other words, we can say in marketing Myopia Company’s focus on strategic planning rather than marketing to achieve strategic goals. In this situation, companies has narrow minded marketing approach. Instead of targeting all possible marketing techniques, they covers only one aspect. In short run, it can be in favor of companies to generate revenue but in long run it’s harmful.
There are number of reasons of marketing myopia. Some companies consider they are in the growth business and assume there is no competitor in the market. They focuses more on the product rather than to identify the consumers needs and wants. Companies fail to get the information about the evolving lifestyle of consumer due to the latest technology and digital era.
Company lacks to understand the consumer’s behaviors related the usages of products and focuses more on the short term selling concept. If your competitors offer products in market which satisfy consumers needs better than your products. Ultimately your company will have to suffer. For example, if a consumer wants to travel from point A to point B. his need changes from horse to bike or car. Consider a mobile phone company offer latest technology mobile and portray this model contains extra features over its competitors. Instead of portraying that, you can have better access to internet for education and entertainment purpose. They can also portray that now; you have better experience to capture your adventures of life in mobile phone.