Successful business empires proved that diversification is really important for a business to grow and survive in the market. I prefer stargazing to spending nights in clubs. Written by Aashish Pahwa A marketer, a dreamer, a traveler and a philomath.
This is a good example of how a disruptive innovative product or service can totally change the landscape of an industry. If you look at all of their products, you will see that they are not necessarily the best products on the market.
In addition to having their homes powered by solar and wind energy, people now want their cars to be running on electricity instead of fuel. You can actually learn a lot from other companies who have been around the block a few times. If a product or service does not provide any kind of utility or benefit to the end consumers, then odds are they will not buy it and your business will suffer from a tremendous loss.
You can utilize various tests in a small group to find out if it is a potential product or not. Even in the early s, Sony continued to sell Walkman. In the yearApple launched the iPod, a portable music player that housed digital music files on a tiny device.
Sure, the population is increasing and more people need energy but the raw material, petroleum, is diminishing every year.
This is the key difference a subpar company and a very successful one. Companies have a false sense of security and do not worry much about the future if this assumption is indeed true. Alas, they did not. Energy An oil company that believes that customers need gasoline when what they need is energy.
Selling is when a producer wants to sell his product to get cash in return. It is also called a sunrise industry. Companies like Samsung and Sony come to mind.
Failure to see the long-term goals of marketing schemes? This presented a major problem. What is implication of Marketing Myopia?
Mass production promotes selling, but it does not look at the more important aspect of marketing. If you cannot predict how customers will use technology to perform activities, then you will never be able to create products and services that take advantage of those technologies.Example: 1- Kodak Kodak film camera: Fall prey to Marketing Myopia Sony Digital Camera invaded the market which was a roaring success 7.
Example: II- Sony Now it was the turn of Sony (Sony Walkman) Apple introduced a.
Marketing Myopia is the title of a marketing paper written by Theodore Levitt that was published in the Harvard Business Review in According to the writer, businesses will do better in the end if they focus their attention on meeting customers’ needs rather than on selling products.
Kodak’s Marketing Myopia. Posted on Sep 15, Tweet. Share 2. Share 1. Kodak became a franchise in the mind of consumers as far as photography, cameras and film. The company’s iconic brand was built through a combination of quality products and services, strong visuals like the K logo and memorable advertising and PR campaigns.
Aug 28, · Marketing Myopia Example As an example of marketing myopia, let’s assume a manufacturer produces a basic DVD player with a remote control. The manufacturer may think the consumer wants a DVD player that plays movies, but what the consumer needs is a total movie watching experience.
Marketing Myopia – Introduction.
Marketing Myopia refers to the phenomenon of not being able to see a long term and more sustainable goal for an organisation. For decades, the term Myopia is being used in human sciences referring to Nearsightedness – the ability to see near objects clearly but inability to see the far off objects.
What is marketing myopia?
The myopia that Levitt describes is a lack of insight into what a business is doing for its customers. Organizations invest so much time, energy, and money in what they currently do that they’re often blind to the future.Download