11 Questions
What is the main reason companies fail to recognize digital threats and opportunities?
Digital myopia
What is the name given by Theodore Levitt to the problem of companies focusing too narrowly on products and services?
Marketing myopia
What is the result of companies failing to appreciate the growing value of data and digital ecosystems?
Missed business opportunities
What is the term used to describe the failure of companies to recognize the threats and opportunities presented by new digital technologies?
Digital myopia
How many traps contribute to digital myopia, according to the author?
5
What is the primary focus of companies that suffer from marketing myopia?
The development of new products and services
What is the key difference between marketing myopia and digital myopia?
The focus of the company, with digital myopia being more focused on technology
What is the primary benefit of avoiding the digital myopia traps?
Better appreciation of the growing value of data and digital ecosystems
What is the underlying reason for companies failing to recognize the threats and opportunities presented by new digital technologies?
Various traps, including the product trap and the customer trap
What is the significance of Theodore Levitt's concept of marketing myopia?
It remains a relevant problem in the modern business environment
What is the key implication of companies failing to appreciate the growing value of data and digital ecosystems?
They will miss out on opportunities for growth and innovation
Study Notes
Digital Myopia in Companies
- Many companies fail to recognize the threats and opportunities presented by new digital technologies, leading to a lack of appreciation for the value of data and digital ecosystems.
- Five specific traps contribute to this digital myopia:
- The product trap
- The value-chain trap
- The operational-efficiency trap
- The customer trap
- The competitor trap
- The concept of "marketing myopia" was first introduced by Harvard Business School professor Theodore Levitt over 60 years ago, referring to companies' narrow focus on products and services, leading to a neglect of consumer needs.
- Digital myopia is a modern manifestation of marketing myopia, with companies struggle to adapt to the changing digital landscape.
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