Marketing+Myopia+Questions PDF

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Mandatory Marketing Homework...

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Spring 2019

BUS360 – 207

Name: __________________

Marketing Myopia You’d have read the “Marketing Myopia” article. Please answer the following questions concisely, but with enough substance (“meat”) to ensure you’ve thoroughly answered the questions – no one-liners please – you have to earn the points! *Always SUPPORT your answers with quotes from the article or examples that you know. These kinds of responses will always get the most points*

1. What does myopia literally mean? (Look it up for a precise definition and write down your source). What is the connection between literal myopia and having “marketing myopia”? Myopia means “Lack of foresight, or intellectual insight. Also lack of imagination. (google.com) Myopia means the shortsightedness. In this disease one's eyes can not focus on far objects leading to unclear vision. In marketing myopia a company focuses on resolving its immediate needs rather than looking for long term result from consumer's point of view. It is a situation where product focus of the company doesn't match with the consumer focus. 2. Pick any example that Levitt uses in his article and explain, in depth, how that company or industry involved is being “myopic.” Example from the case study, a company thinks consumer want air conditioner when all they want is good cool air. In this situation instead of focusing on air conditioner if a company would focus on production of more efficient good that is also energy efficient and cost effective its sale will shoot up. 3. What are some characteristics of a non-myopic company (explain at least 5). companyt hatf ocusesondev el opi ngr el at i onshi pwi t ht hecust omer s. 3. 1.1. 3. 2.2.Companyt hatdoesnotpr oductgr owt hwi t houtr esear chi ng. 3. 3.3.Doesn' tmasspr oducewi t houtknowi ngt hedemand. 3. 4.4.Gi v esi mpor t ancet ov ar i ousaspect sofmar k et i ng. 3. 5.5.Changeswi t hdynami cconsumerenvi r onment .

4. Pick any example of an industry or company that you’re familiar with, whose behavior has been “myopic.” Something interesting might be to focus on an unusual topic, e.g., “the NFL”. 4.1. “Tell a story” about what happened. 4.1.1. Well one area of business that I could see being myopic would be the bankruptcy of the car industry in Detroit. I say they were myopic due to the fact that they were facing such decline in the sales of their products due to them mass producing and not focusing on the actual quality of their products compared to overseas competitors. They lacked clear vision on what the consumer market was looking for

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Spring 2019

BUS360 – 207

Name: __________________

and also were behind on what was being brought to the market. They were focusing on not going bankrupt and focusing on making more money by selling cheaper cars that were non finished that had lots of recalls. 4.2. Explain very clearly, using the Marketing Myopia article as a reference, how you think this industry or company has been myopic. *You will get a higher grade if you use quotes or examples from the article to support your points* 4.2.1. Well they were myopic due to the fact that they didn’t focus on the long-term results of their vehicles they were producing. The products they released were faulty and had many recalls which lead to the downfall of their products. The consumers bought overseas competitors products because they were better, more advanced technologies and were also more reliable. 5. What did you learn about the customer from this article? They customer is important in many factors of the business world. When it comes to marketing if you don’t follow the trends or what the consumers are consuming then that will lead to the downfall of the company. This can be seen in the real world today, as amazon has made shopping at your fingertips. The companies that aren’t going the technological route are dropping like flies.

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