It occurred to me after reading the article that Under Armour is suffering from a case of Marketing Myopia. Instead, Under Armour is solely focusing on their performance enhancing products. The need for something new and original is a very real one. HubSpot uses the information you provide to us to contact you about our relevant content, products, and services. Marketing Myopia | by Theodore Levitt | Explained & Examples Then there is the consumers' present expectation of a written piece. The only way they can avert becoming obsolete is to resist the urge to focus on their own internal goals and instead focus on the consumers needs. Let's take the television industry, for example. Never assume that your own needs are the same as customers. There are countless small businesses thatve failed under similar circumstances. Organizations invest so much time, energy, and money in what they currently do that theyre often blind to the future. Instead, you should connect with your customers to the point that you can easily predict how they would behave. Lets say you used to solve the need of getting from point A to point B. Its a combination of big and small actions like: By staying open-minded and flexible, you'll be in a better position to avoid marketing myopia. Netflix launched its novel DVD renting practice in 1998, halfway through the dot-com boom. If you own a small business, you should still consider whether you are too set in your ways, and whether your customers are still satisfied with your product or service. I suffer from a condition known as myopia. Sony showcased the initial electronic camera in the 1980s. Marketing myopia occurs when we focus more on the benefits and characteristics of the product and leave aside the needs and interests of the client and in many cases the environment. Despite Philips' best efforts to curb our collective impact on the environment, the EarthLight failed to turn consumers on. What is Marketing Myopia? (Causes With Examples) The study's results were mixed, producing both positive and negative conclusions. We will look at three former industry leaders, Blockbuster, Kodak, and Nokia. Competitive intelligence is the practice of monitoring and gathering data on your competitors through legal and ethical means. Keep them short and to the point. Hilariously, Levitt regarded consumers as stupid and shortsighted. Recently, the Founder and Executive Chairman of Under Armour, Kevin Plank told attendees at a conference, The world did not need another competent apparel footwear manufacturer. But what are customers really looking for? They dont want newspapers or magazines, he says. When a business is experiencing bountiful expansion and record sales, it might easily ignore the "undetected decay," as Theodore Levitt put it. Another marketing myopia challenge for the modern marketer is the fluidity of modern industries. Their strategy was not just to make clothes for athletes, but to make clothes that focused on improving their performance. Mass production without knowing the demand. . Competition is an unavoidable part of business, and a smaller market means that consumer attention is harder to grab. [Solved] | Course Hero He suggests that its time for publishers to ask Levitts central question: What business are we really in? Its a theory that states companies focus on their needs and short term growth strategies. Examples of marketing myopia Free Essays | Studymode Small businesses leaders can use the following strategy to ensure that their operations remain as relevant and exciting as possible. At one stage, Shiseido discovered that its market share was depleting. Even if your marketing strategy is working well, it doesnt mean you shouldnt work on optimization. You could efficiently address your customers' related needs, as well as the ones that your products or services do. At first, you did it with horses. Below are some examples which put forward the phenomenon of Marketing Myopia and how can companies look beyond it. Said discoveries are currently being applied to potential Alzheimers disease cures. While its not hurting Googles revenue, its a viable option if people dont want to be tracked while using search engines. Where blogging was 10 years ago podcasting is now. The past doesnt dictate the future. Marketing Myopia is the name given to companies that are short-sighted and look no further than their own product. They tend to focus on outperforming their rivals by improving on what theyre already doing. Don't fall into the trap of Marketing Myopia but focus on your customers n. Clearly, Sasson did not bury his digital camera in his backyard, and the technology soon caught on.
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