Overview of the Market Myopia

Overview of the Market Myopia

The study of business expounds on many different notions that relate to the many processes which every organization carries out. One of the significant ideas that primarily affects the performance of the organization is marketing. Marketing is the act customarily carried out by the company’s marketers to promote and increase the sales of a particular commodity or service (Twin, 2019). The activities that occur within this field are selling, advertising, and delivering products with promotions to the clients. Subsidiaries also conduct the marketing process on behalf of the company (Twin, 2019). However, some problems affect this process, which may degenerate the operations of the company, one being the marketing myopia.

Overview of the Market Myopia

Marketing myopia is a situation whereby a lot of focus reflects on one segment or aspect rather than considering many other marketing strategies (Pahwa, 2020). It results in a narrowed approach; thus, the actual demand of the clients gets overlooked (Pahwa, 2020). Marketing myopia dates back to 1960, in which Theodore Levitt wrote the concepts necessitated (Stock, 2002). The article entitled Marketing myopia first appeared in the Harvard Business Review-Journal. Ideas explained in the piece primarily affect the business curve of an organization from the marketing department to the overall operations of the business. Many companies suffering from this state end up failing to see and acclimate to the evolving changes in the world market (Stock, 2002).

Due to the failure of proper management in the organization, slow and possible halt in the growth of the company may occur (Levitt, 1960). The marketing myopia state can be brought up by many different sources depending on the company and the overall operations of the world market established by the organization. One of the causes occurs when the organization gives priority to many short-term goals rather than long-term goals (Pahwa, 2020). For instance, when this happens, there would be less interest in building upright relationships with the customer and instead focus on selling the goods or services. Producing a lot of products without knowing and researching customer demands can also causes this fatal state (Pahwa, 2020).

Putting a lot of focus on the goals rather than the visions in the company lowers the organization’s performance, thus resulting in marketing myopia (Pahwa, 2020). The business should actively evaluate its performance and that of its competitors so that it can move with the current trends. It occurs if the company blindly believes that the growing population will furnish to the selling of its products and services (Pahwa, 2020). Assuming that there is no competition in the market and overestimating the quality of its products may also result in a blemish in the company’s operations. This cycle is known as the self-deceiving cycle (Pahwa, 2020). Some of the businesses that suffered marketing myopia in the industry are Circuit City, Nokia, which was also involved with Microsoft, Kodak, and JCPenny (Ndukwu, 2019). All the different stories of the breakdown all relate to the marketing aspect of the companies.

Examples of the Marketing Myopia

A very significant and well-known marketing myopia occurrence was in 2010. During this year, the Bitcoin had a value of $100. In the early times of 2018, it skyrocketed to around $20,000 (Ndukwu, 2019). It was a vast and beneficial chance for investors who invested $20,000 in 2014 (Ndukwu, 2019). Although the Bitcoin industry is profitable, it can suffer a very massive amount of marketing myopia. Apart from that, a few years past, a company named Juicero received a hefty amount of investments because it produced a juice machine that was very expensive together with its refilling packs, which also emptied the pockets of its clients (Ndukwu, 2019). The company stated that the juicing device contained a high pressured squeeze that was supposed to extract the juice out of the packs. All this information was later proven wrong by Bloomberg reporters who obtained the juice from the packets using bare hands (Ndukwu, 2019). Juicero fooled its buyers who had short-term gains believing that no one would ever try to squeeze the refill pack by hand.

In summary, many constraints face the market daily. The companies in the market should rapidly and accurately deal with these problems. Since marketing myopia occurs as one of the leading causes which bring about the fall of the business, it can cause a lot of damage soon. An instance is whereby the emergence of new and modern types of chemicals and fiber may result in less demand for dry cleaners. If overlooked, many companies will suffer and eventually collapse.