The marketing myopia theory was originally proposed by Theodore Levitt. The theory states that marketers should look towards the market and modify the company and products accordingly rather than looking towards your own company, its potential and then catering the market. The needs of the market should receive first priority.
Theodore levitt asks a very interesting question as an example for marketing myopia. His question is, if Hollywood were into television rather than movies, wouldnt it have profited more? This is true because as we know the major crowd of hollywood is concentrating into making movies and actually money is more into television.
Thus, if hollywood would have catered to the television market, they would have earned more. And Theodore levitt’s marketing myopia theory has turned right as hollywood has entered television with renowned movie maker twentieth century fox as well as sony televisions and other channels.
According to the marketing myopia theory, to cater a market – a company not only needs to be technically sound and product oriented but it also needs to be customer oriented. It needs to know what are the needs of the customer and what further innovations can the company bring to maintain customer interest or how it can adapt to the changing business market.
Implications of the Marketing Myopia theory – Marketing myopia can be used by marketers as well as advertisers to determine whether or not they are catering the right market. Should they adapt their products to cater a larger market. What kind of advertising strategies should they use. How can they bring about synchronization between the production capabilities of companies and the demand in the market.
In Summary, Marketing myopia asks the companies to do the following
- Be more customer focused
- Be in control
- Understand customer desires
- Conduct marketing research programs
- Marketing strategy should be developed keeping feedback of customers in mind.
A link for the complete marketing myopia article by Theodore Levitt