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