According to Marketing Myopia, businesses would do better in the long term if they focused on exceeding consumers' expectations rather than selling things. Because of a company's short-sighted attitude and view that it is in a so-called 'developing market,' the Myopic society will prepare the path for it to collapse. This confidence implies selfishness and a misunderstanding of what customers desire.
Some analysts have suggested that its release highlight the current marketing movement's inception. Its thesis is that most organizations have a restricted understanding of what firm they are. It challenged CEOs to reassess their business strategy and evaluate their companies from a broader perspective. Organizations argue that they lost out on opportunities that became apparent after they had a broader view. The research paper was a triumph.
Oil companies (one of his paper's major examples) rethought their business as energy rather than petroleum. In contrast, when Royal Dutch Shell embarked on a nuclear power investment program, it showed more cautious regard for its business.
One explanation for the prevalence of myopia is that individuals feel they cannot properly predict the future. Although this is a legal problem, it is also feasible to anticipate future conditions as precisely as possible using a variety of market forecasting techniques that are currently accessible.
Examples of Marketing Myopia
"Prevention is better than cure." That is the model that any company on the planet can emulate. Focusing on missing any blunders that could obstruct its development will help it prosper. Marketing myopia is one such problem, and it can be break off by seeing any business plan or organizational effort from the eyes of the intended customers. In other words, being customer-centric will assist in holding marketing myopia at bay.
Another strategy for avoiding marketing myopia is to indulge in self-cannibalism. It is the method of separating a product's price or adding a new product into a market of existing product categories. A company does this to maximize its global market share, profit margins, and, ultimately, customer satisfaction. Though potentially hazardous, it is a risk worth taking.
Businesses often make the mistake of allowing pride and previous experience to get in the way of evaluating market hypotheses, which eventually leads to disappointment. As a result, every business should attempt to change its commitment to the economy's ever-changing swings. You have to take your step following the advice of experts. Marketers and marketers can profit immensely from the Marketing myopia theory by deciding "when" they are appealing to the right market's demands. They should still be on the lookout for responses to questions like, "What if they had to appeal to a market with a large customer base?"
In a nutshell, Marketing Myopia Theory argues that an organization should
According to the MM Theory, an organization must be both technically sound and consumer-oriented to satisfy the demands of a market. It should also be able to comprehend consumers' simple desires and perform regular testing to discover new ways to improve its offerings to keep customers interested for as long as possible.
Only then would it be able to withstand the ever-increasing competition. It can also keep looking for different potential ways of adjusting itself to the ever-changing business dynamics and demands.
