Wednesday, February 17, 2010

Marketing Myopia Explained

Marketing myopia is unnecessarily common among business people. It is not seeing 'down the road'. Many business people make their decisions based on current circumstances.

They do not think about what will likely occur in their industry in the future. One reason that short sightedness is so common is that people feel that they can not accurately predict the future.

They are right, of course. But just because we cannot accurately predict the future, that is no reason why we should not use the whole range of business prediction techniques available to us to estimate future circumstances as best we can.

The term was coined by Theodore Levitt in the 1960s.

People who focus on marketing strategy, various predictive techniques, and the customer's lifetime value can rise above myopia. This can entail the use of long-term profit objectives (sometimes at the risk of sacrificing short term objectives).

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