Essay on Market Myopia

Good Essays
Market Myopia:

In 1960 Theodore Levitt wrote a famous article “Market myopia”, which is still famous in todays world. He introduced the famous question “what business you are really in”. Market myopia is a strategy that focuses on the product of the company rather than the need of the customer. A good example of market myopia is seen in ford motor company, they built a Edsel in late 1950s with the intent of being fashion able and large vehicle, they did a lot of marketing but at the end the car was immediately failed in the market. Most experts attributed that failure was only because of inability to understand the customer needs.


Companies can do better if they focus on customers needs instead
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Authors looked 2 illustrations of new market myopia, the heavy crisis and dilemma of the U.S auto industry. The three major U.S auto companies did not focused on consumer preference; they ignored cleaner and fuel efficient vehicles. (Smith, Drumwright & Gentile 2010)

In 2002 Stock explained that decrease or abolish of myopia is long-term process in logistics. According to this, myopia is big challenge for the strategy makers to deal with.

Those companies that give narrow focus on marketing strategy may give rise to market myopia. He explained that market strategy should be developed on boarder context. Actually this article focusing on market strategies, most companies who are doing business internationally putting more focus on specific regions or area that creates myopia. This problem can be fixed by standardization of strategies. (Douglas 1986)

The importance of myopia is still important in today’s academics. After 1960 many authors wrote articles on myopia explaining same view of Theodore Levitt in different style. In fact recent literatures on myopia opened several new concepts of marketing. I believe that many firms still focus on their product instead of focusing on customer.

Market myopia is still present in today’s world. You can see the examples of many big companies who did not focus on the customer needs as a result they failed with passage of time. The great example of myopia in
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