[1][2][3] Theodore Levitt postulated that a myopic culture would lead a business to fall due to the short-sighted mindset and the illusion that a firm is in a so-called "growth industry."
To continue growing, companies must understand and act on their customers’ needs and desires instead of banking on the presumptive longevity of their products.
The book exhorted CEOs to re-examine their corporate vision and redefine their markets in terms of wider perspectives.
By contrast, when the Royal Dutch Shell embarked on an investment program in nuclear power, it failed to demonstrate a more circumspect regard for their industry.
Corporate self-deception revolves around four conditions: When industries change, companies can take advantage of a greater scope of opportunities.
[6][clarification needed] People who focus on marketing strategy, various predictive techniques, and the customer's lifetime value can rise above myopia to a certain extent.
Blockbuster failed to adapt to the emergence and popularity of online streaming services, such as Netflix and filed for bankruptcy in 2009.