Theodore Levitt proposed the idea of Marketing Myopia. Now who he is/was isn’t important, but what he has jargonized is! The theory states that marketers should look towards the market and modify the company and products accordingly rather than looking towards own company and its potential. The needs of the market should receive first priority.
He asks an interesting Question, if Hollywood were into television rather than movies, wouldnt it have profited more? And later proves how there is more money is 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.
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 further innovations can be brought to maintain customer interest or how it can adapt to the changing business market.
Marketing myopia can be used by marketers as well as advertisers to determine whether or not they are catering the right 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.
Although, no path breaking discovery; more of business common sense.