What is Marketing Myopia? & Examples
Marketing myopia occurs when a company focuses specifically on selling and producing products rather than focusing on satisfying customer needs. When companies do this, they are letting other competitors in the industry take away their customers. Competitors are able to steal customers because they are taking advantage of the expanding market and future customer-satisfying opportunities. Companies that are continuing to grow in an industry are cautious of what the consumer’s needs are and they create new ways to satisfy them. These expanding companies are also taking the opportunity to create, discover, and improve products in order to stay on top of trends and consumer demands. Companies should always look at marketing from a consumer’s point of view.
A real world example of marketing myopia is the company, Blockbuster. Blockbuster lost sight of the upcoming trends of society. As the internet became more popular, online television streaming became more popular. The creation of Netflix and Redbox eventually put Blockbuster out of business. Netflix took the opportunity to stream a variety of free shows and movies online at the comfort of their consumer’s homes. Redbox took the opportunity to sell movies and video games at a reasonable price to customers. Redbox is located in multiple locations for convenient movie and video game pick up. Returning the product is made quick and easy with a drop off slot. Blockbuster went out of business because of the other entertainment options were easier, quicker, and cheaper.
Another real world example of a company that was suffering from marketing myopia is Walmart. Although, Walmart is not threatened of going out of business any time soon-Walmart’s biggest competition is Amazon. They sell a large variety of different products through a website that can be purchased and shipped to your house. Walmart has been playing catch up with Amazon by creating and improving their online website. Amazon is now working on owning its own delivery transportation system and avoiding using other transportation like UPS and FedEx. By owning their own transportation system for their products, the company and consumers will better be able to track arrival time for shipments. Amazon will also save money by cutting out the “middle man”, UPS and Fedex. Once this new operation for Amazon commences, Walmart will again be behind the leading online competitor.