Doing business, having a smart marketing strategy is very important. If we analyse the top brands in the world today, we will see that they have reached their position by having unique marketing strategies. Without effective marketing policies, surviving in a competitive market is impossible.

To create an effective marketing policy, businesses need skilled, creative and forward-thinking marketers. Even a small mistake in policy-making can destroy the reputation of the business. Lack of foresight and wrong decision can even cause famous companies to fall down. One common mistake marketers make is called ‘Marketing Myopia’.

Theodore Levitt, in an essay in the Harvard Business Review, first used this term. In marketing, myopia refers to when a company believes they are always right. They think their products are the best and will always be successful in the market. They do not consider any competition. To them, they are the king in the competitive market.

While the main goal and main focus of marketing should be to satisfy customers’ needs and demands; in marketing myopia, companies only think about their own profits. They do not think of what customers really need. Consequently, even if they introduce great products in the market, they fail to satisfy customers.

Nokia is a prime example of marketing myopia. Until 2011, Nokia was the world’s largest mobile phone manufacturer. Despite their success and capturing a huge market, Nokia’s downfall started in 2012, and its share price dropped to just two dollars.

Currently, Nokia holds only 1% of the market share. Why did Nokia decline so much? The reason is when Android operating system entered the market, they offered Nokia a partnership, but Nokia turned it down without considering Android. At that time, Nokia had its own operating system called ‘Symbian’, which was difficult to upgrade and had limited features. As a result, Nokia lost its popularity, and its customers turned to other phones.

To stay ahead in the competition, it is essential for companies to focus on effective market research. No matter how good a product is, if it cannot fulfil customers’ demands, it will not survive in the market. Marketing activities should revolve around the customer, as customers are the kings of marketing.

Look at the Coca-Cola. You would not find anyone who has not heard of or tried Coca-Cola. When it started in 1886, only nine glasses of soft drink were sold in the first year. Currently, Coca-Cola operates in over 200 countries with over 500 brands.

Coca-Cola continuously adapts to meet the demands of its consumers. They add many flavours to their product according to customers' tastes. They have introduced Diet Coke for health-conscious consumers and other soft drinks like Sprite and Fanta.

Every business must always prioritise customer demands. Regardless of how good sales are or how well the company is doing, it must continually update itself to stay ahead of the competition. Keeping ahead of other competing businesses and meeting the needs of new customers with effective products will keep a business running smoothly even amidst intense competition.