Marketing myopia—a nearsighted focus on selling products and services, rather than seeing the “big picture” of what consumers really want.....Levitt used to tell his students, “People don’t want a quarter-inch drill. They want a quarter-inch hole!”............There are several examples in the article that illustrate the main concept, that your product is not your business. Perhaps the most famous is the railroad lines, which Levitt argues fell into steep decline because they thought they were in the train business rather than the transportation business. If those leaders had seen themselves as helping customers get from one place to another, they might’ve expanded the business into other forms of transportation like cars, trucks, or airplanes. Unfortunately, they let other companies seize those opportunities and steal away their passengers instead.
Source- https://hbr.org/2016/08/a-refresher-on-marketing-myopiaProvenance paradox. A product’s country of origin establishes its authenticity. Consumers associate certain geographies with the best products: French wine, Italian sports cars, Swiss watches. Competing products from other countries—especially developing markets—are perceived as less authentic. Even when their quality is on par with that of established players, the developing-market firms can’t command a fair price. The lower price, in turn, reinforces the idea that the offering isn’t as good and that the region doesn’t make premium products.
Source- https://hbr.org/2010/12/why-you-arent-buying-venezuelan-chocolate
Shrinkflation.’ Check-processing fees, surcharges for materials, and charging for previously free services: companies are creating new ways to pass along cost increases to consumers, and often without changing the sticker price. Several industries have long employed what economists call “shrinkflation” during challenging times, downsizing packaged content to avoid conspicuous price hikes—for instance, selling cans of tuna with less meat. Hidden price increases may allow firms to pass along costs more easily, but consumers are also pushing back, forcing some businesses to cancel fees.
Source- WSJ
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