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In Medical Science, shortsightedness is also known as myopia. A person affected by myopia can see only the things very close to him. Professor Theodore Levitt of Harvard Business School coined the term "marketing myopia", to explain the shortsighted policies and practices of some business firms. The firms define themselves narrowly and are obsessed with the physical attributes of their own products, resulting in their failure to ascertain and act on customers' needs and desires. They continue the process of marketing without considering the market's needs or wants.

In the words of Theodore Levitt, every major industry was once a growth industry. But some that are now riding a wave of growth enthusiasm are very much in the shadow of decline. Others which are thought of as seasoned growth industries have actually stopped growing. In every case the reason growth is threatened, slowed, or stopped is not because the market is saturated. It is because there has been a failure of management.

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