DIgital Myopia - Is Your Company Squandering Digital Opportunities? - HBR
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Questions and Answers

What is the main reason companies fail to recognize digital threats and opportunities?

  • Poor marketing strategies
  • Lack of resources
  • Digital myopia (correct)
  • Inefficient operations

    • What is the name given by Theodore Levitt to the problem of companies focusing too narrowly on products and services?

  • Product trap
  • Digital myopia
  • Operational-efficiency trap
  • Marketing myopia (correct)

    • What is the result of companies failing to appreciate the growing value of data and digital ecosystems?

  • Enhanced product development
  • Missed business opportunities (correct)
  • Improved operational efficiency
  • Increased customer loyalty

    • What is the term used to describe the failure of companies to recognize the threats and opportunities presented by new digital technologies?

    <p>Digital myopia</p> Signup and view all the answers

    How many traps contribute to digital myopia, according to the author?

    <p>5</p> Signup and view all the answers

    What is the primary focus of companies that suffer from marketing myopia?

    <p>The development of new products and services</p> Signup and view all the answers

    What is the key difference between marketing myopia and digital myopia?

    <p>The focus of the company, with digital myopia being more focused on technology</p> Signup and view all the answers

    What is the primary benefit of avoiding the digital myopia traps?

    <p>Better appreciation of the growing value of data and digital ecosystems</p> Signup and view all the answers

    What is the underlying reason for companies failing to recognize the threats and opportunities presented by new digital technologies?

    <p>Various traps, including the product trap and the customer trap</p> Signup and view all the answers

    What is the significance of Theodore Levitt's concept of marketing myopia?

    <p>It remains a relevant problem in the modern business environment</p> Signup and view all the answers

    What is the key implication of companies failing to appreciate the growing value of data and digital ecosystems?

    <p>They will miss out on opportunities for growth and innovation</p> Signup and view all the answers

    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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