Marketing Myopia can be defined as 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.
For example, transportation is a generic need filled by buses, cars, trains, airlines and shipping lines all of them being in the transport business. Finding the generic need (by asking "What business are we in?") corrects the 'marketing myopia' and gives a broad view of the possibilities.
Marketing Myopia can also be referred to as the name given to theory that some organizations the fact that to be successful, the wants of the customer needs to be there central consideration. The blind thoughts of the top executives generally play a major role in marketing myopia. They believe that they are the leaders of the market and they are the ones who controls the market. They stick to the comments like “They have nothing on us”, “That could never happen to us”, “We are our own competitors”, “Customers love our product or service regardless of what happens” these thoughts gradually leads to decline in the market share of a company.
Kodak film company is a great example in which marketing myopia was present. Kodak did not view Sony, an electronics company as a potential competitor.
Industry begins with the needs of the customer for its products. Given the customer needs, the industry has to try develop backwards, first concerning itself with physical delivery of customer satisfactions. Then it moves back further to creating the things by which these satisfactions are in part achieved. Finally, the industry moves back still further to finding the raw materials necessary for making its products.
We are today living in a society that is fast paced and continuously evolving where consumers seeks instant gratification as a reason...