Marketing myopia
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Marketing myopia refers to a short-sighted approach where companies focus on their products rather than their customers, leading them to miss greater opportunities. Theodore Levitt's 1960 paper introduced this concept, arguing that businesses focused only on short-term goals and a narrow view of marketing will fail over time as customer needs and industries change. By training managers to look beyond their current business and think more broadly, companies can avoid complacency and better understand shifting customer wants.
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This document is a project report submitted to fulfill the requirements for an MBA degree. It discusses the concept of "Marketing Myopia" which refers to a short-sighted approach to marketing that focuses on a company's internal needs rather than understanding customer wants and needs. The report provides background on marketing myopia, analyzes why it occurs, and its impact on organizations. It also reviews literature on the topic and discusses ways to avoid falling into the trap of marketing myopia through a more customer-centric approach.
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It is important to define an industry by asking a simple question—“what business are we in?
To ensure growth, companies must define their business properly based on customer needs and desires. Businesses are actually customer satisfying institutions/entities.
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