Both a cool sounding and cool meaning word, myopic, is our keyword of the week. The online Merriam-Webster’s dictionary defines myopic as, “a lack of foresight or discernment: a narrow view of something.”
The term myopic has a special meaning in marketing do to a famous article titled “Marketing Myopia” by Harvard Business School professor Theodore Levitt (Link). Professor Levitt’s point was marketers who are myopic focus too much on what they do and not enough on whom they serve (e.g., the customer).
Over the years, the term marketing myopia has also referred to companies who are defining their areas of practice to narrowly. For instance, Apple officially changed their name not that long ago from Apple Computer Inc. to just Apple Inc. When iPods, iPhones and iPads make up 80% of your sales and profits, it’s a bit myopic to still call yourself a computer company.