Marketing myopia is the mistake firms make by paying more attention to a specific product the company offers, then the benefits and experiences produced by the product.
Further Discussion on Marketing Myopia
Many companies often are so taken by their products that they only focus on consumers wants and fail to focus on the consumer’s needs. They forget that products are just a tool to a consumers needs.
Marketing Myopia Example
As an example of marketing myopia, let’s assume a manufacturer produces a basic DVD player with a remote control. The manufacturer may think the consumer wants a DVD player that plays movies, but what the consumer needs is a total movie watching experience. The consumer may want a DVD player with multiple audio outputs that connect to a surround sound system and a digital video recorder that allows the consumer to record their favorite shows for watching at a later time.
The manufacturer may lose business and revenue if another DVD manufacturer produces a product that serves the needs of the consumer; a total movie watching experience.
How to Avoid Marketing Myopia
To avoid marketing myopia, smart marketing managers look beyond the attributes of their products and services they offer. These marketers develop several types of products and services that target different target groups, creating brand experiences for consumers. As an example, marketers will conduct research to find the consumer’s needs and develop different versions of a product or service that targets these specific groups’ needs.
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