Q.6. What is marketing myopia?
Ans. Marketing Myopia: Marketing myopia is the short-sighted and inward-looking approach to marketing that focuses on the needs of the firm instead of defining the firm and its products in terms of the customer’s needs and wants. The concept was given by Theodore C. Lewitt.
Its theme is that the vision of most organizations is too constricted by a narrow understanding of what business they are in. With the influence of this concept, many oil companies redefined their petroleum. Marketing myopia is a term used in marketing that talks or any product or service by a company or marketers. business as energy instead of just about short-sightedness of an industry
According to Mr. Lewitt, they started talking about the first railroads. In the case of railroads, there was not a fault in management however, there were faults in the vision of long-term. They took railroads only in terms of railways instead of taking one way of solution they should take into, in a way of the entire solution. So, this is what we called as marketing myopia. They are giving the excuse that cars and other transportation services have destroyed the drastic growth of this sector. So, such types of problems can be solved when a company takes reverse steps to a problem which occurs, which means having a long-term vision, customer-centric process, developing the product at the maturity stage, etc.
Special Note: Marketing myopia is management’s failure to recognize the scope of its business.