Marketing Myopia

Marketing is a broad term that is used to describe the sales of a product or service to customers at the point of its sale. It is also known as the selling of products and services through marketing techniques such as advertising. Marketing refers to the interactive process that an organization undertakes at every stage to engage its target market, create strong connections to generate value for customers so as to capture value for return, and reach out to potential prospects. There are four major forms of marketing: conventional marketing which makes use of the media like radio, television, and print; digital marketing which makes use of the Internet and other network technologies; and interactive marketing which makes use of technology for delivering marketing messages. Marketing can be channelized in many different ways depending on the kind of business that you have.

Understanding Consumers And Their Behavior

Every successful marketing activity is built on a firm understanding of the customer, their buying preferences, buying behavior, and what they expect to receive from the market. For example, focusing on pink office accessory options would be more appropriate if you are marketing to younger females because statistica show that they prefer the color. The marketing research helps you understand the buying patterns and behaviors of your target market. This enables you to design a marketing strategy based on the assumptions your study has made. You need to study the buying patterns and behaviors of the people who buy your product and then plan your marketing activities accordingly. For example: Marketing Research will determine which advertisement format works the best with particular customers.

Marketing Concept

The marketing concept is part of the overall marketing management strategy. Marketing management is an integrated approach to business that encompasses strategic, operational, and creative processes. The marketing concepts help you achieve your long-term business objectives by planning, organizing, staffing, and motivating the right resources for maximum productivity. Strategic marketing planning facilitates the development of a marketing strategy that is aligned with the organizational goals and aspirations. Operational marketing management assists in making sure that the processes are effective and efficiently running to meet the organizational goals and objectives.

What Is Cultural Marketing Management?

Cultural marketing management involves the application of the marketing concepts to individual audiences and communities. This approach addresses issues such as gender, ethnicity, age, place of origin, and language in local communities. It also examines how people in these communities perceive and react to advertising messages and the marketing concepts that go with them.

Satisfying The Customer

Another aspect of the marketing management concept is customer satisfaction. Satisfied customers have the highest loyalty and will remain loyal to your brand for a long time. This concept calls for the search for a partner who can understand and meet your customer’s needs. The first basic premise of customer satisfaction is that every marketing message should be designed so that the consumers not only get information about the product or service but also feel satisfied with the buying experience. Consumer satisfaction marketing plans include an analysis of the messages that are sending a negative message and correcting them before they reach the customers.

Selling Customer Orientation

This is closely connected with selling. It is necessary for any marketing activity to orient the selling process towards meeting the customer needs. This concept considers that customers should be considered at all stages of the selling process from the point of making a purchase to the point of delivery.

Balancing Marketing Concepts

The four marketing concepts that are developed from the balanced scorecard approach are marketing growth, marketing effectiveness, marketing feedback and marketing monitoring. Growth is related to marketing development, which refers to the evolution of marketing strategy to build on past marketing performances and measure performance against new marketing goals. Marketing effectiveness deals with measuring marketing success using various metrics including cost per impression, price elasticity and conversion rates. Marketing feedback aims at obtaining objective judgment about marketing strategies by evaluating customer satisfaction and identifying marketing errors. Marketing monitoring uses customer data to identify, analyze and test marketing strategies to determine whether they are meeting their objectives.

Summary On Marketing Myopia

Marketing myopia refers to a problem when companies, especially those who specialize in marketing, see only the benefits of their products and ignore the negative aspects. The balanced scorecard concept highlights that there are two ways to view a marketing issue; from the perspective of the target consumers and from the perspective of the market share holders. Market share holders can easily concentrate on the profit and revenue side while focusing on the marketing aspect because they only receive profits from the sales volume of their products. The target consumers’ perspective, however, should not be ignored because this is where they will be able to identify the deficiencies in the product concept and resolve them to make the product better so that they can fully benefit from it.