Question

1. Define marketing myopia in your own words. In your opinion, how critical is this problem for today’s businesses? Explain your answer.

2. When have you encountered marketing myopia as you buy from a business? Give at least 1 example and specifically describe and explain the myopic behavior.

3. In your opinion, what is the best way in the article to avoid marketing myopia? Describe how to avoid it and explain why you think it is the best way.

Answer 1

Marketing Myopia is also termed as a short-sightedness approach of the organizations where the sole focus is only on fulfilling the company's needs rather than designing its products and services from the consumer's perspective. It is also termed as a "narrow-minded" approach of the company that focuses only on one aspect. Some of the very famous examples include:

• Kodak didn't tap the digital camera markets and lost to sony cameras that brought a revolution in the photography industry.
• Yahoo refused to be taken over by Google but was later bought by Verizon at a very low priced valuation.
• Nokia lost its market share to Android and IOS.

It is a very critical issue for the business due to the following reasons:

• It loses very high rewarding opportunities to its competitors.
• The companies are unable to satisfy the consumer's needs.
• The company becomes less famous in the market or in other words, it affects the brand image of the organization.
• It also reflects the poor managerial skills of the organization.
• A consumer-centric product can market itself and if the product is not oriented towards satisfying the needs of the consumer it is of no value.
• May reduce the company's revenue drastically as they are unable to identify the changing consumer needs and demands.

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