Origination, Conceptualization, Relevance in Today’s Marketing and how Marketing Myopia Evolved?
This term was very firstly used by Theodore Levitt in 1960 when he published an article with the same name. His work was re-published in 2004. Deighton emphasised the same as Levitt said; the companies do not understand what their customers want, what is their need and they spend too much time and consume their money on the advertisement of their products and services. Companies need to be more customer-specific rather product-oriented. Professor Levitt used to teach his students “People want a quarter inch hole rather quarter inch drill” quotes Deighton.
A short-sightedness of business for its clients would not be effective until executives take necessary steps by keeping in view essential phases. A writer gives the example of Levitt’s view about rail-road lines; railway business declined because authorities thought that they have been more willing for train business. Which resultantly, led to losing their passengers and they were over-lapped by other transport businesses. A leader should ask themselves, what business they are actually running. The entire discussion of the author in an article is revolving around the needs of customers because when the head of a company thinks about only its product, then their position in the market may be grabbed by competitors.
The relevance of marketing myopic is still applicable today, Deighton notifies. He described an example of a writer that he must keep in mind readers’ area of interest, they do not want a newspaper or magazines, but they want the data and stuff that can entertain, stimulate and inform them with the real facts and figures. Deighton cited the reference of an article “The New Marketing Myopia” by Minette Drumwright and Mary Gentile in which they say; Marketers have already taken into account the suggestion of Levitt, and now they are producing customer-oriented products, and they have taken themselves out from the context of business. Deighton explains; people who apply technology tools to their products recognise that their product and medium would change by the time, but the constant is only consumer’s need. Executives of the company cannot predict the future, and they should not try doing this, Levitt says.