Marketing Myopia and Product Life Cycle essay

MarketingMyopia and Product Life Cycle

MarketingMyopia and Product Life Cycle

Marketing myopia and product life cycles are integral aspects in thebusiness world. Marketing myopia refers to a situation when theorganization shifts focus from meeting the individual needs ofcustomers to the selling of products with the goal of making highsales (Sharma, 2015). Product life cycle elaborates stages aparticular product would go through from the time it is introduced tothe market to when it is finally removed (Zhang, Han, Liu, Liu, &ampLeng, 2015). Four primary stages have been identified includingintroduction, growth, maturity and decline.

Marketing myopia and product life cycle have a significant impact onthe outcome of Kodak. The company has engaged in the sale of digitalcameras across the world. Currently, there is a demand by manycustomers to access to digital photography (McMullen, 2015). TheCompany has failed to customize their cameras to accommodate for thesame, a move that is affecting them since many phones have the frontcameras that can do so. Few people choose to make purchases fromthem. Further, courtesy of the technological innovations, mobilephones have been developed that have a great resolution of images.Customers decide to buy smartphones since it comes as a completepackage. It is a disadvantage to Kodak since much of their focus hasbeen on digital photography. The inability to customize theirproducts to meet individual client needs is a detriment to the film.

Product life cycle as a concept is eminent when it comes to the issueof focused. Initially, Kodak engaged in activities that sort tointroduce the commodity in the market. Before the advent oftechnology, the film took center stage and was sold by the company.However, sales have since then declined since digital photography istaking over. Customers prefer the use of digital photography for theconvenience it offers. The company initially advertised films at thetime of introduction of the product. Sales started increasing ascustomers made more purchases. However, sales stabilized and untilwhen they started declining. The product has been phased out of themarket since customers have different preferences.

Figure illustrates typical example with the situation that facedKodak’s focused films.

References

McMullen, A. (2015). Mission creep and marketing myopia: lessonslearned from the business world. The Bottom Line: Managing libraryfinances, 28(4), 119-121.

Sharma, M. (2015). MARKETING MYOPIA-A MOUSETRAP THAT MARKETER SHOULDAVOID.

Zhang, X., Han, X., Liu, X., Liu, R., &amp Leng, J. (2015). Thepricing of product and value-added service under informationasymmetry: a product life cycle perspective. International Journalof Production Research, 53(1), 25-40.

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