Marketing Myopia

Marketing Myopia is a term that refers to the tendency of businesses to define their market so narrowly as to miss opportunities for growth. It suggests that businesses will do better in the long-term if they concentrate on improving the utility of a product or good, rather than just trying to sell their products... Ted Levitt postulated that a myopic culture would lead a business to fall due to the short-sighted mindset and the illusion that a firm is in a so-called "growth industry." Such beliefs lead to complacency and losing sight of what customers want. It is said that myopic managers focus more on the original product and refuse to adapt to the needs and wants of the consumer. To continue growing, companies must understand and act on their customers’ needs and desires instead of banking on the presumptive longevity of their products. https://en.wikipedia.org/wiki/Marketing_myopia