Marketing myopia is the concept for business to understand the marketing strategies and focus on the need and requirement of the customer rather than making more and more production. An organization has to focus on the demand of the market, not their assumptions and mind percussions.
Every year many companies collapse just because they don’t adequately understood their core capabilities and tacking the wrong path for their future work. Marketing myopia emphasizes that company has to understand the diversification approach for their business to explore and retain their customer. They also have to use the customer-oriented approach, make effective and efficient leaders, follow the right path and use innovating ideas to maintain their presence in a market. These key lesson that found are elaborated below.
The person upon whom the whole company is relining is a leader. A leader has to keep track of the entry and exit barriers for the company and use proper strategy for business development. Also, it is his/her responsibility to make new inventions and innovatory products to keep the company updated according to the customer need which is the essential part.
Customer Oriented Approach.
Nowadays every customer wants his satisfactory finished goods and also that product which fulfills its need. For this companies need to develop products according to the customer satisfaction. Although it increases their cost of production, this will keep them in a way to retain their customer from competitive and maintain their presence in the market. It will be also helpful in keeping aware customers about their presence and their willingness to fulfill their satisfaction, which will lead them towards the growth of their company.
Every new invention and innovation in the market is only for the satisfaction of the customer. And the changing behavior of the customer is challenging for companies and becoming harder day by day. It can be considered the innovation progress in the smartphones, every month, semiyearly or yearly they are introducing a new and unique feature to retain their presence in the market. Not only in one place but all around the world. In the main concept of expansion of business, the firm has to establish new ways for their future outlook to expand their business in multiple places and not only rely upon the old and basic strategies, which can damage their presence and also their future goals.
Diversification approach is the concept of diversifying their business in multiple new or related company to keep on going with the market and also with the customer need. Firm’s leader has the responsibilities to think about the firm diversification, and this approach should base on the customer requirement or what customer wants. A firm should not have to take any unnecessary step which leads them towards decline.