Marketing refers to the act an organization undertakes to engaging its target audience, develop strong relationships to generate enough value to seize advantage in return, and make money. The marketing mix consists of many processes and forms, such as advertising and promotional activities, research and sampling, product development, and sales and service creation. These processes create a defined set of marketing actions, each with a specific goal in mind. The ultimate objective is to acquire new customers and keep existing customers satisfied.
Marketing myopia occurs when a single perspective dominates the thinking of a marketing team, which can result in products being under evaluated and therefore not reaching their fullest potential. A prime example of this is where the company’s marketing philosophy is to “sell in the marketplace” rather than “build a relationship.” Another example is where a product concept is so exciting that the marketing team is blind to any negative consequences that could arise from introducing the product into the marketplace. Although both examples are bad ideas, one is much more likely to occur than the other. As a marketer, it is important to recognize when marketing myopia is occurring, take corrective action, and then successfully transition the focus of the marketing group back to its core purpose.
Marketing myopia prevents marketing management from being able to effectively use multiple marketing strategies to reach their marketing objectives. This results in ineffective strategies across the board, as the marketing team has a tendency to focus on one strategy or another without diversifying their strategies to effectively address the unique needs of their consumers. If one company implements a marketing philosophy of “sell in the marketplace” and another uses a different strategy, neither strategy will be able to provide the insight needed by the consumer to make an informed decision. This myopia results in ineffective customer service, poor sales, and a loss in profits for the company.