Explain the importance of avoiding marketing myopia. ch1 PPT Flashcards 2019-01-08

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What is marketing myopia? definition and meaning

explain the importance of avoiding marketing myopia

· Bidding on only generic keywords or all broad matched with out knowing which is right for your business. Companies should also try to demonstrate their service quality through physical evidence and presentation. One reason that shortsightedness is so common is that people feel they cannot accurately predict the future. During the production area, businesses people believed that quality products would sell themselves. By contrast, when the embarked upon an investment program in , it failed to demonstrate a more circumspect regard for their industry.

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What is marketing myopia? definition and meaning

explain the importance of avoiding marketing myopia

Perhaps the most famous is the railroad lines, which Levitt argues fell into steep decline because they thought they were in the train business rather than the transportation business. They want a quarter-inch hole! They recognize that the product will change, the medium will change, everything on the production side is in play. · May run your campaigns targeting the wrong audience with out your knowledge which finally leads for campaign failure. Levitt believed that products should be viewed as a consequence of marketing rather than marketing being a necessary consequence of a product. An outward looking would help to be focus on what is most important for every company: customers and prospects customers.

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How can a firm avoid marketing myopia

explain the importance of avoiding marketing myopia

This result in spending most of the resources in the development of their product and the remaining less or no resources on conducting research and marketing. Give an answer to their demand. So far we have served over 5M+ satisfied users and counting. . Importance of Marketing Myopia Marketing Myopia becomes very important if a company understands it. It is therefore necessary to define the needs of the consumer in more general terms rather than product-specific terms. Marketing Myopia is a classic article written by Mr Theodore Levitt, warning marketing managers about the dangers of defining their markets in too narrow terms.

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Marketing myopia

explain the importance of avoiding marketing myopia

This in turns builds a culture which is difficult to change and results in irrecoverable losses, and along the process the company reputation is tarnished. Hence, this concludes the definition of Marketing Myopia along with its overview. Every industry once upon a time was once considered a 'growth industry. The more competitors in the market, the less profit there is for the leaders. Those behind the railroads are in trouble not because the need for passenger transportation has declined or even because that need has been filled by cars, airplanes, and other modes of transport. This paper was first published in 1960 in the , a journal of which he was an editor.

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What is Marketing Myopia? Definition and Examples

explain the importance of avoiding marketing myopia

If we say travelling from point A to point B is a need, it can be catered to by a horse, a car or a bike. It was successful in its impact because it was, as with all of Levitt's work, essentially practical and pragmatic. Consumers are just clients trying to get the best they can get from you; so, in business we have got to be careful with trusting each other, it is all about business darling, he said, it is all just business. Motorola remained as the leader until a few years ago when companies like Nokia started to invest in a massive marketing campaign in Latin America and Europe and they dominated those markets. The myopia that Levitt describes is a lack of insight into what a business is doing for its customers.

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Marketing Myopia

explain the importance of avoiding marketing myopia

· You will not know how to optimize the account to increase the quality score which ultimately makes you to pay more for each click. Remaining as the leader for many years in a fast changing world is in fact one of the biggest challenges. Tell us what you think of Marketing Myopia in the comment section. If organizations hold monopoly in a certain area and they think they are irreplaceable, they are doomed. While this is a legitimate concern, it is also possible to use a whole range of business prediction techniques currently available to estimate future circumstances as best as possible. Relationship marketing involves long-term value added relationships. Defining accurately how broad your business is another way to avoid marketing myopia.

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Core Concepts: Marketing Myopia

explain the importance of avoiding marketing myopia

The market place is becoming more and more competitive through the years; globalization is one important cause for this expanding competitive world. Rather, they went out of business because they were too focused on seeing themselves as buggy whip companies selling buggy whips. Graduate School of Business Administration, Harvard University. Where did the concept originate? In every case the reason growth is threatened, slowed, or stopped is not because the market is saturated. It is said that these people focus more on the original product and refuse to adapt directly to the needs and wants of the consumer. Lesson Summary ' Marketing myopia' is a term coined by Theodore Levitt.

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What is the concept of marketing myopia?

explain the importance of avoiding marketing myopia

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. Thus, when differentiation is a problem among competitors of a specific industry, innovative marketing strategies will be the bridge to a sustainable growth. Viper1 A company wants to sell and market to their segment audience and tries to get them to buy their product through marketing practices but fail to make the audience realize how that product is going to improve their lives or businesses by purchasing it. This type of marketing focuses on what the company wants, rather than paying attention to and delivering what the market wants. An organization must learn to think of itself not as producing goods or services but as doing the things that will make people want to do business with it. Thus, this is as much about strategic planning as it is about marketing. Successful business empires proved that diversification is really important for a business to grow and survive in the market.

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Chapter 1

explain the importance of avoiding marketing myopia

The right marketing mix and cutting-edge marketing strategies would not only take a company to the top, but would maintain the company as a leader for a long time. In 'Marketing Myopia,' Levitt argued that many companies incorrectly take a shortsighted approach to marketing, viewing it as merely a tool for selling products. Successful companies focus on customer needs, not their own products and services, which can—and will—be replaced by competitive alternatives, either ones they make themselves or those produced by existing or potential competitors. Instead, he argued that companies should look at marketing from the consumer's point of view. But what is the organization doing to cater to the consumer needs? Unfortunately, they let other companies seize those opportunities and steal away their passengers instead. The concept has stayed in tact over the last 50-plus years. Narrow-minded approach to a marketing situation where only short-range goals are considered or where the marketing focuses on only one aspect out of many possible marketing attributes.

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