In 1960 Theodore Levitt wrote a famous article “Market myopia”, which is still famous in todays world. He introduced the famous question “what business you are really in”. Market myopia is a strategy that focuses on the product of the company rather than the need of the customer. A good example of market myopia is seen in ford motor company, they built a Edsel in late 1950s with the intent of being fashion able and large vehicle, they did a lot of marketing but at the end the car was immediately failed in the market. Most experts attributed that failure was only because of inability to understand the customer needs.
Companies can do better if they focus on customers needs instead …show more content…
In nutshell, after the work of Theodore Levitt, companies making the product that satisfies the needs of the customers. Companies not only concentrate on their product but also focus on their customers as well. (E.S.Ehixojie 2013)
Market myopia is still present in the World, many companies who were giant in the industries went to floor because of myopia for instance Nokia. Short sightedness should be eliminated, as many opportunities are missed not because they cannot see or do not make plan for future of their business, only because of short sighted. The businesses that are short sighted suffer in long run, they cannot meet up the customer need and as result they ended up to shut down. (Adaeze 2013)
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Ward, A 2014,