MARKETING MYOPIA

Group A9

UNDERSTANDING MARKETING MYOPIA

Term coined by Theodore Levitt
Refer to the short sightedness
The marketer want to sell the product and services,
without much focusing on the customer
demands/needs.

Falling to the trap of Myopia?

Too narrow definition of the market

e.g.
Railroads (trains) vs. Transportation
Hollywood; films industry vs. whole entertainment market

Undermining long run attractiveness of Target Marketing

- Porters five forces
e.g.
Declining of dry cleaning industry in USA
Synthetic Fiber replaced Wool - need decreased
Ultrasound tech replaced chemicals - new technologies

Marketing Myths
1. Belief that growth is assured by an expanding and
more affluent population
2. Belief that there is no substitute for industries major
product
3. Too much faith in mass production and economies of
scale to sustain

How to avoid marketing Myopia?

Solution Centric focus
Customer Centric
Marketing is not only about selling
Aware about substitutes to the Industry
Disruptive Innovation

Solution Centric focus

Sunlight introducing soap powders to the market
Effectively addressing an issue faced by consumer and
providing a solution

Sensodyne introducing toothpaste for people that have

sensitivity issues
Excellent Market research
Target marketing
Product differentiation

Customer Centric
Henry Ford : Determine the price for the demand; Cut
cost to profitable at this price
4 P Model
Market segmentation and Target Marketing

Marketing is not only about selling

Corner stores vs. Super Markets

Use MIS cleverly

Creating the ambience

Influencing consumer psychology

Aware about substitutes to the

Industry
Coke
Product diversification into the bottled water market (coke, Bonaqua)
Coke is not cola market but into quench thirst market. (Sticking the
company mission)

Kodak
Kodak did not view Sony , an electronic company, as a potential competitor
Consumer need is to capture moments, does not matter whether it is in a
reel
or digital camera

Disruptive Innovation
Success of Apple iPod and failure of Sony Walkman

Understanding ever changing consumer needs

Defining the target market broadly Music lovers who wanted

their music whenever and whatever

Conclusion
Need to find the balance for making a
product a success for today and for future
It is not selling but providing values profitably
Organisations must learn to think of itself not
as producing goods or services but as buying
customers, as doing the things that will make
people want to do business with it Theodore