What is marketing myopia? Definition, causes, and solutions

Marketing myopia, a concept where companies focus on short-term goals at the expense of long-term opportunities, often leads to the downfall of established businesses like Nokia, Kodak, and Yahoo. These companies failed to adapt to evolving market conditions, missing opportunities in digital cameras, smartphones, and search engines, respectively, due to a preference for maintaining existing lucrative models over embracing new technologies. Contributing factors to marketing myopia include resistance to change, overconfidence, shareholder pressure, and an emphasis on immediate profits over strategic innovation. To counteract marketing myopia, companies should balance short-term operations with long-term strategic development, invest in market research, track marketing strategies' success, and remain vigilant of new trends and competitors' actions. An ongoing commitment to adapting business models and fostering innovation can help mitigate the risks of marketing myopia and ensure sustainable growth.