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Truth About Marketing MyOpia |
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 marketing myopia - Narrow-minded approach to a marketing situation where only short-range goals are considered or where the marketing focuses on only one aspect out of many possible marketing attributes. Because of its shortsightedness, marketing myopia is an inefficient marketing approach The controversial theory of Marketing MyOpia was first presented by Theodor Levitt in the Harvard Business Review. For many years corporations have become entangled in marketing myopia and have turned to well known consulting companies for help. Levitt often sited rail road companies as being the worst at marketing MyOpia due to their in-ability to work with other types of transportation agencies. The rail road companies could not broader their marketing focus to cover or work with newer means of transportation at the time such as aircrafts. At the same time, Shell, the famous and big petroleum giant tried their hands on nuclear power to get recognized as energy business without success.
Businesses often enter the phase of marketing myopia when they fall in love with their own products or services. Once they fall in love with their offerings they loose their consumer focus and gradually turn to a product oriented business. At this point it is hard for companies to readily adapt to change and ultimately they become outdated. In the case of insurance companies the adaptation should focus on risk management to become be more profitable. By offering customized insurance products based on type of risk they can avoid Marketing MyOpia serve a niche market..
There are a lot of good examples of marketing myopia and how to avoid it. Marketing MyOpia often takes place with new technological advancements because if a company can not adapt to the new technology and change their marketing tactics they will fall into a trap. For example, with the emergence of cell phones, very few landline based companies survived due to the lack of adaptation to new systems. Again VOIP technology has added a completely new dimension to the long distance calling market and existing companies will have to adapt to it for survival. Even major companies like Cisco have started offering VOIP systems to cope up with technology changes.
The theory of marketing myopia suggests broadening the scope of business to survive changes. There are a lot of factors to be considered before a company broadens their marketing focus. One Question that should be on every marketers mind is “Will we fall into Marketing MyOpia if we do not adapt to this new technology?”
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