marketing myopia

Examples of marketing myopia in the following topics:

• Discussion questions and references

  • What is the role of marketing in each stage of this process.
  • Dictionary of Marketing Terms, Peter D.
  • Bennett, Ed., American Marketing Association, 1988 p. 54.
  • Theodore Levitt, "Marketing Myopia," Harvard Business Review, July-August, 1960, pp. 45-66.
  • Burnett, "The Macromarketing/Micro marketing Dichotomy: A Taxonomical Model," Journal of Marketing, Summer. 1982 pp. 11-26.

• Monitoring Competition

  • Marketing expert Theodore Levitt coined the term "marketing myopia" several years ago to describe companies that incorrectly identify their competition.
  • Since practically no marketer operates as a monopoly, most of the strategy issues considered by a marketer relate to competition.
  • In fact, the relative market share owned by Coke and Pepsi has not changed by more than a percentage or two despite the billions of dollars spent by each on marketing.
  • More is said about this process in the integrated marketing box that follows.
  • Classify the purpose of and methodology of monitoring competition from a marketing perspective

• Consumer marketing models

  • The formal use of marketing concepts is a fairly recent activity in developing economies.
  • His orientation is sometimes referred as a "marketing myopia" approach since companies define their business in terms of products and not in terms of customer needs and wants.
  • The latter was operating on a product model rather than a marketing model.
  • In summary, market orientation is essentially a customer orientation.
  • Understanding customer needs lies at the core of the marketing concept.

• Nearsightedness, Farsidedness, and Vision Correction

  • Nearsightedness, or myopia is a vision defect that occurs when the focus of the image is in front of the retina.

• The 4 P's of Marketing

• Types of Financial Markets

  • Examples of financial markets include capital markets, derivative markets, money markets, and currency markets.
  • There are many different ways to divide and classify financial markets: for example, into general markets and specialized markets, capital markets and money markets, and primary and secondary markets.
  • Stock markets and bond markets are two types of capital markets that provide financing through the issuing of shares of stock and the issuing of bonds, respectively.
  • A key division within the capital markets is between the primary markets and secondary markets.
  • While capital markets and money markets constitute the narrower definition of financial markets, other markets are often included in the more general sense of the word.

• Marketing Performance Metrics

  • Marketing metrics are numeric data that allow marketers to evaluate their performance against organizational goals.
  • Marketing metrics provide frameworks that public relations specialists, brand managers and marketing directors can use to evaluate marketing performance, as well as back their marketing plans and strategies.
  • By collecting and analyzing marketing metrics, brands can build their marketing performance in the following ways:
  • ROMI, a relatively new metric, is marketing contribution attributable to marketing (net of marketing spending), divided by the marketing "invested" or risked.
  • [Incremental Revenue Attributable to Marketing * Contribution Margin (%) - Marketing Spending] / Marketing Spending ($)

• Trends in Markets

  • A market trend is a putative tendency of a financial market to move in a particular direction over time.
  • The terms bull market and bear market describe upward and downward market trends, respectively, and can be used to describe either the market as a whole or specific sectors and securities .
  • A secular bear market consists of smaller bull markets and larger bear markets, while a secular bull market consists of larger bull markets and smaller bear markets.
  • A bear market is a general decline in the stock market over a period of time.
  • A market top (or market high) is usually not a dramatic event.

• Anatomy of the Eye

  • Myopia (nearsightedness) occurs when an eyeball is elongated and the image focus falls in front of the retina.

• The budget constraint: balancing income, consumption, and saving across time

  • They argue individuals are often affected by temporal myopia, where they respond to uncertainty by reducing the importance of the future of their decision making.This is called hyperbolic discounting.