Professor what is marketing myopia in today's session I will explain marketing myopia and the better mous strap fallacy please listen attentively the term marketing myopia was coined by Professor Theodore levit at Harvard Business School in 1960 Professor levit pointed out that many companies followed inappropriate short-term Vision that focuses on the sell's perspective not the customer's perspective in this context myopia refers to the inability to see far away things for example Professor levit argued that the decline of the American railroad industry in the mid 20th century was due to marketing myopia he commented that the reason for the downfall was not a decrease in passengers or Freight volumes but the emergence of alternative Transportation modes such as cars and airplanes which eroded the railroads customer base at the time from the limited market Point of View railroad companies considered their roles to be solely about Lane tracks and running more trains without realizing that other modes of transportation would emerge similarly the American petroleum industry was criticized for lacking a customer oriented perspective assuming that it would continue to prosper indefinitely despite the availability of Alternatives like incandescent bulbs and natural gas like this professor levit described the phenomenon of focusing excessively on one's own products or Services disregarding the true needs of customers and becoming self-absorbed in one's own offerings as marketing myopia lately the meaning of the term marketing myopia has expanded further the traditional marketing myopia refers to a marketing approach that focuses on production or product oriented marketing without consideration for customer needs but the new marketing myopia occurs when marketers fail to see the socially oriented marketing accordingly marketing myopia refers to a narrow-minded approach to marketing that focuses on short-term goals and neglects the broader perspective to be an excellent marketer now you should focus not only on customer oriented marketing but also on socially oriented marketing then what does the better mous STP fallacy mean Professor okay it is beneficial to familiarize ourselves with the term better mous strap fallacy which is similar to marketing myopia the better mous strap fallacy refers to the misconception of product oriented thinking that is many managements consider wrongly if a company produces a better product than its competitors the product will automatically sell well the American poet and philosopher Emerson once said if you build a better Mouse strap the world will beat a path to your door however the flaw lies in the producer Centric thinking of Designing splendidly and adding various features to create a better Mouse strap but customers won't simply purchase a better product in reality this producer Centric approach is a fallacy that fails to recognize the customers perspective in the 1920s there were indeed many mice in the United States a company called Woolworth conducted extensive research and developed a stylish and feature-packed new mouse strap the new product initially sold well but ultimately failed after a decline in sales this is referred to as the better mous strap fallacy the value of a mous strap lies in effectively catching mice not in creating a pretty and functional better Mouse strap marketers should not overlook this fact and that is why the term is widely used in marketing today aha I understand Professor thank you very much