When we deeply study all these brands, we will be amazed to find that the main reason for failure for all these well known and well-respected brands is only one, that is called 'Marketing Myopia'. Although, Walmart is not threatened of going out of business any time soon-Walmart’s biggest competition is Amazon. On the Other side, if the company thinks it is in a transportation business, it functions more dynamically and it can be able to anticipate the changing preferences of customers and can also enter into Taxi service business, which helps the business to sustain for a longer period. Leaders, in fact entire companies, may suffer from what I term ‘competitive myopia.’ In such cases, there is a general lack of understanding and foresight when it comes to competitors. Fill in your details below or click an icon to log in: You are commenting using your WordPress.com account. The company’s iconic brand was built through a combination of quality products and services, strong visuals like the K logo and memorable advertising and PR campaigns. By Richard P. Morgan CMC, FIMC – Director of Marketing, Texas Consilium, Inc. There are several brands which failed to sustain in the market because of Marketing Myopia and some of the renowned brands are Nokia, Kodak, HMT, SONY WALKMAN, etc. They think focusing on the customer experience is a one-time … ( Log Out / Although I’m handsome and a funny fucker it was actually a good read. for example, if Nokia focused on customer needs and created innovated products anticipating the customer needs, it would have been still enjoying market leadership, but unfortunately, that doesn't happen. The standard was also at a professional level. For instance, a company that focuses on the quality of marketing and not on actual customer demand is showing a sign of marketing myopia. Marketing myopia can distort the company‟s view when managers focus more on whatthe company can produce rather then what consumers are willing to buy.A classic example is seen by Ford Motor Company‟s development of the Edsel. Both these companies sold products which are highly durable, quality, etc. The car was designed … Marketing myopia refers to a short-sighted approach to marketing that focuses more on the business and the product than the customer. for suppose, they think they are in the bus business, they are going to fail because people's perception may change in the future and they may use Cabs and Taxi's for their transport needs and the business which is BUSSES would become complacent. But Kodak also suffered from Marketing Myopia. DO YOU SUFFER FROM COMPETITIVE MYOPIA? We agree because although written in 1960, it correctly captures what is happening in modern day Telcom’s industry in Zambia. Change ), You are commenting using your Facebook account. Change ), You are commenting using your Twitter account. You can change your cookie choices and withdraw your consent in your settings at any time. As we can see here has been a steep decline slope in the sales with companies unable to change our perceptions into why they are still needed. Now that you have some basic tools to guard yourself from the thorns of marketing myopia, apply this avoidance tactic in your business. Kodak’s Marketing Myopia. But when a company achieves that status of being successful, then they become … You have to open your eyes well, put on your lenses and focus well to stop suffering from marketing myopia. A company that is trying to avoid marketing myopia needs to ask themselves “What business are we in”. Marketing Myopia in the Transportation Business. Making it even better by enhancing the economic, and by extension the political and social life of your local community is the business and the Internet is the … It is very evident in the case studies of Nokia and Kodak. Marketing myopia happens when a company is too focused on short-term goals. Businesses don't need highly sophisticated innovations to sustain in the market, they just need to find out the present need gaps and future needs of the customers. Now let’s take a look at the decline sales of DVD players from 2003 to 2011. regardless of these attributes, these giants failed miserably only because of the ignorance of customer needs. While statistics are not available for how many managers suffer with this disease, the gravestones of historic market leaders that are no longer in business suggest that the proportion is very high. Harvard Business Review describes “Marketing Myopia” as a quintessential big hit HBR piece. For more information, see our Cookie Policy. We have seen many reputed brands vanishing from the market and all these brands at one point in time enjoyed the very high brand image, billions of customers, decades of market leadership and innovative business models. Under Armour has clashed with its brand ambassador Steph Curry and has been portrayed in a negative light due to its poor corporate culture. The one thing that every company should ask themselves is What business are we really in? Kodak became a franchise in the mind of consumers as far as photography, cameras, and film. All it takes is a swipe of our credit card to hire a new movie, making things simpler and faster and creating a sense of appeal due to the ease of the process. They sell a large variety of different products through a website that can be purchased and shipped to your house. Customer development makes sure you’re always abreast of the wants and needs of your customers. The advancement of online streaming and illegal downloading has meant it is much easier for individuals to watch movies without having to leave the house to go and purchase and hire them. Why this is happening more and more regularly is due to businesses not adapting to rapid changes, where marketers need to find new ways to make their product feel needed and viewed as necessary.
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