Marketing MyopiaMarketing myopia is an approach to business that involves continually optimizing the same product or service while ignoring greater competitive threats. For example, an energy company that seeks to dramatically boost fossil fuel production when there are clear signs that demand is about to decline and the industry will soon be replaced with renewable energy sources. In other words, a company that views itself as an "Oil Company" as opposed to an "Energy Company."
PanaceaPanacea a term for a medical solution that is incorrectly viewed as a universal cure. For example, a particular vitamin that is overpromoted as solving a great number of health problems.
Magic TechnologyThe assumption that technology is required to solve a problem that could easily be solved without technology. For example, using a fleet of drones to follow citizens of a city around to rebuke them with loudspeakers for poor manners when this problem could be solved with shared norms.
Technology ProliferationA tendency for managers and developers to have a favorite technology that they bring in for a project when an organization already has similar technologies. For this reason, it is common for a large organization to use thousands of different technology products when essential complexity might call for a dozen or less.
|Overview: Golden Hammer|
A bias whereby a society, organization or individual uses a familiar tool to solve all problems.
Also Known As
Law of the instrumentLaw of the hammerMaslow's hammer