Marketing myopia

Marketing myopia

Marketing entails the study and the appropriate management of the interconnection of exchanges. It is thus the business procedures whereby relationships are created alongside the satisfied customers. It thus facilitates for goods and services to move from the concept form to the customer in a comfortable and definite manner. The marketing process entails the four crucial stages for the successful outlay. There is the need to identify, select, and develop the product appropriately; the price is then determined concerning the market forces. Price determination is the perquisite of the identification and selection of the distribution channel that will enable the marketing agency to reach the customers’ location alongside the goods and services on sale (Baker, 2016). The last stage of the marketing process is the development and implementation of the promotional strategy to be incorporated into the marketing process for easy deliverance of the goods and services to the customers.

Marketing is focused on the rationale that the business associates with the customer needs and the satisfaction of the customers. Marketing is fundamentally different from selling as the latter relates to the behaviors and procedures of creating individuals to interchange their money for one’s produce. Selling is never at any point concerned with the standards of which the exchange entails. Hence, marketing does not relate to attaining the consumers in paying for the particular good as it deals with increasing product demand and satisfying the client’s necessities appropriately.

Marketing myopia is the shortsighted and the innermost viewing method to marketing, which concentrates on the firm’s desires instead of outlining the industry and its merchandise based on the customer desires and requirements. This marks the inability to perceive and changing to the always-recurring modifications in the markets of goods and services to the customers. Marketing myopia much tends to affect the way a business operates its marketing processes. When one majorly concentrates on the products instead of the customer needs, there is the potentiality of future customers being lost in the process of marketing myopia. The rationale behind this is that customers tend to be affected and motivated by other customers toward the usage of a particular product that they obtain in the market. The company becomes very focused on its direct competitors in the marketing industry to the extent that it does not catch up on the less apparent limitations, enabling niche firms to exist in the market place unchallenged, or underestimates the new entrant firms to the field. Marketing myopia is thus caused by the trend of companies failing to adapt appropriately to the market, and it causes them to play catch-up with the directions of the market effectively. Thus, the companies become more close to defining their product s by catering to the target audience spotted and focusing on their wants and needs instead of their personal desires in the market.

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 (Levitt, 1960). 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 cause this fatal state (Levitt, 1960).

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 (Levitt, 1960). 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 (Levitt, 1960). 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 (Levitt, 1960). Some of the businesses that suffered marketing myopia in the industry are Circuit City, Nokia, which was also involved with Microsoft, Kodak, and JCPenny (Levitt, 1960). All the different stories of the breakdown all relate to the marketing aspect of the companies.

An example of marketing myopia that I have witnessed is the buggy whip industry. This is a perfect example of a sector that was torn out from Levitt’s article. It was initially thriving in the industry where the manufacturers and the purveyors of the buggy whips, which focused on horse-drawn carriages, were vital in the industry. However, the moment Henry Ford came along into the industry is when the buggy whip industry went into a decline, and finally, it went down the extent to become extinct. The buggy whip industry, however, did not just go out of the business and become extinct. The rationale behind this was the adventure of cars into the sector (Diderich & Mamali, 2017. This is according to the marketing myopia concept into the industry. Another example of marketing myopia is the incidence of Kodak. The company majorly lost more of its production share to Sony Cameras during the times when digital cameras became rampant in the industry. This boom occurred in the market during the times that Kodak had not planned for the change in the market. Sony cameras became widespread in the camera industry due to the boom of the cameras alongside the unpreparedness of Kodak in the industry. However, this is not the only incidence of marketing myopia as Nokia also lost its production and sales share to other technology firms such as android and IOS. The significant competitors overtook more of the processes and systems control in Nokia to the latter, such as android and IOS (Lim, 2016). This affected the industry as the entrants in the sector became different from the initial state.

Conclusion

A reputable marketing specialist initially expressed marketing myopia in an article: Theodore Levitt. Marketing myopia expectant I the future ties to affect the dry cleaners. This is because there will be different fiber and chemicals, which will lead to limited demand for the dry cleaners n the future. This will adversely affect the dry cleaners industry in the industry. 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.