1. What is marketing myopia, and how can it be avoided?
Marketing myopia is an advertising strategy where a company solely focuses on a particular product versus capitalizing on the needs and wants of the consumers. I researched companies with marketing myopia and came across the Forbes Article, “Kodak Failed by Asking the Wrong Marketing Question”. Kodak believed due to their previous success in the film industry; they were reluctant in expanding to the digital age. Today, Kodak sees the opportunity missed because now the era is in full swing. That decision has cost them revenue. Marketing myopia can simply be avoided by companies thinking outside the box. An example of a company that avoids this is Starbucks. Starbucks main product is coffee so they appeal to coffee drinkers but that is not where there services stop. They appeal to the Tea drinkers, make pastries, breakfast, and health junkies. This keeps them competitive.
2. What is customer-perceived value, and what role does it play in customer satisfaction?
As stated in this chapter Amazon has grown to be the biggest online store due to the customer’s perceived value. It’s a value organizations need for the consumers to return. Amazon has been consistent in satisfying customers which has built loyalty amongst potential buyers. I personally feel like I am a part of Amazon, so much so that I purchased Amazon Prime. I read the reviews, ratings; compare and decide. There are endless online shopping companies but I personally don’t bother browsing those sites due to my reliable experiences with Amazon.
3. Explain the roles of market segmentation, market targeting, differentiation, and positioning in implementing each strategy.
