What are the short and long term implications for business in marketing myopia?

Asked By: Biser Eveillard | Last Updated: 29th February, 2020
Category: business and finance marketing and advertising
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The short and long term implications in marketing myopia is that the strategies used by the companies are focused in resolving short term goals and they over look the long term goals of the company that defines the vision and mission of the company and they fail to monitor the market changes.

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Consequently, what is marketing myopia What are the short and long term implications for business in this situation?

Marketing myopia strikes in when the short term goals are given more importance than the long term goals. Some examples being – More focus on selling rather than building relationships with the customers. Predicting growth without conducting proper research. Mass production without knowing the demand.

Likewise, is Marketing Myopia good or bad? If your business is affected by marketing myopia that means your management is very poor. You will need to improve your management. A good product does marketing itself, so instead of focusing on selling, focus on your product to meet your customers need.

In this manner, what is the meaning of marketing myopia?

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.

Why is marketing myopia important?

Marketing Myopia becomes very important if a company understands it. Sometimes there is too much focus on selling in the short term that they stop understanding the consumer behavior especially the needs of the customer. The company needs to research what product they can make and which need they want to compete for.

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What are the five steps in the marketing process?

Here are five steps in marketing research process:
  • Define the Problem.
  • Develop your Research Plan.
  • Gathers Problem-Specific Data.
  • Interpret Data and Report Findings.
  • Take Action and Solve Problems.
  • 5 Digital Marketing Strategies to Advance your Business.

What is the marketing process?

Marketing process includes ways in which value can be created for the customers to satisfy their requirements. In marketing process, the situation is examined to identify opportunities, the strategy is formulated for a value proposition, tactical decisions are taken, plan is executed, and results are monitored.

What is the selling concept?

Selling concept. The Selling Concept proposes that customers, be individual or organizations will not buy enough of the organization's products unless they are persuaded to do so through selling effort. So organizations should undertake selling and promotion of their products for marketing success.

What are the primary goals of marketing?

Typically, clients marketing objectives include some or all of the following:
  • Increase sales.
  • Build brand awareness.
  • Grow market share.
  • Launch new products or services.
  • Target new customers.
  • Enter new markets internationally or locally.
  • Improve stakeholder relations.
  • Enhance customer relationships.

How marketing myopia can be avoided?

Marketing myopia can be avoided through filtering every strategic initiative and company program through the screen of the customers it seeks to serve, Fundamentally, any company initiative or program must have the customer at its heart.

What is production concept in marketing with example?

The production concept thrives on the ability to increase output while decreasing costs. Companies that manufacture their products overseas are a perfect example of the production concept in action. Manufacturing retail goods offshore decreases costs, savings they can pass on to the customer.

What do you mean by marketing mix?

Definition of 'Marketing Mix' Definition: The marketing mix refers to the set of actions, or tactics, that a company uses to promote its brand or product in the market. The 4Ps make up a typical marketing mix - Price, Product, Promotion and Place. Price: refers to the value that is put for a product.

What do you mean by product mix?

Product mix, also known as product assortment, refers to the total number of product lines a company offers to its customers. For example, your company may sell multiple lines of products. The four dimensions to a company's product mix include width, length, depth and consistency.

What is Levitt idea?

The Levitt's model is based on the idea of a product as stratification of level. Each upper level contains the previous ones. According to Levitt, the innermost level is the core benefit, that is the need a customer wants to satisfy. The third level is the augmented product: it exceeds customer expectations.

Who coined the term marketing myopia?

'Marketing myopia' is a term coined by Theodore Levitt. A business suffers from marketing myopia when a company views marketing strictly from the standpoint of selling a specific product rather than from the standpoint of fulfilling customer needs.

What is myopia simple?

: a condition in which the visual images come to a focus in front of the retina of the eye because of defects in the refractive media of the eye or of abnormal length of the eyeball resulting especially in defective vision of distant objects. — called also nearsightedness. — compare astigmatism sense 2, emmetropia.

What is management myopia?

Management myopia is the managers' tendency to obtain short-term gains rather than long-term profits.

What is the scope of marketing?

Notes # Scope of Marketing:
Marketing is a process designed to plan, price, promote and distribute want satisfying products and service. If covers three main activities—concentration, dispersion and equalization. Marketing confines itself to channels of distribution, marketing functions, flow of goods and management.

What is the difference between selling and marketing?

Difference Between Selling and Marketing. Selling is an action which converts the product into cash, but marketing is the process of meeting and satisfying the customer needs. Marketing consists of all those activities that are associated with product planning, pricing, promoting and distributing the product or service

What is marketing myopia by Theodore Levitt?

Marketing Myopia is used in marketing as well as the title of a marketing paper written by Theodore Levitt. Marketing Myopia suggests that businesses will do better in the end if they concentrate on meeting customers' needs rather than on selling products.

What is the relationship between marketing concept and marketing myopia?

Originally Answered: which marketing concept may lead to marketing myopia? Marketing Myopia takes a limited marketing view that focuses on the need of the business rather than those of the prospects. Also known as the shortsighted approach to marketing, the focus is to sell products and therefore for profit-driven.

Is Marketing Myopia relevant today?

Although first coined in a Harvard Business Review article by Theodore Levitt, the concept of marketing myopia is still as relevant today as it was when it was written in 1960.