Marketing Myopia

Marketing is the process by which organizations satisfy their customers and provide them with services or products. Marketers understand that in order for their marketing efforts to be effective, they need to develop effective marketing plans that will enable them to reach the key decision makers in their organization. Marketing therefore, refers to the entire process by which an organization undertakes to engage its target market, build strong relations with them to generate specific value in return for spending, and provide goods or services that satisfy a customer need.

Marketing Tools 

Marketing involves the use of various strategies and tools such as advertising, branding, product positioning, price promotions, and other means to advertise the organization and its goods and services to the appropriate target market. It includes the design, development, implementation, monitoring, and evaluation of marketing activities. When marketing online, this often also involves keywords research and properly understanding what is a lexical field in order to apply SEO practices. The objective of each marketing activity is to drive sales and generate business revenues. Some of the marketing activities include the following:

Marketing is the science of promoting services and goods to buyers in the context of their own time and at their own pace. Marketing management thus, involves the systematic development of advertising, selling and promotional programs directed to the satisfaction of the marketing needs of the buyers. This involves the use of marketing concepts and the formulation of a plan to achieve these goals. Marketing also involves the use of scientific methods of evaluating and identifying prospective marketing opportunities and threats.

Marketing Concepts

Marketing involves the use of a variety of marketing concepts and strategies, such as branding, commercials, direct mail, marketing campaigns, merchandising, and publicity. These concepts and strategies are applied to gain market share for a firm by directly contacting the targeted consumers. For instance, a brand name can be developed for a particular company in the context of the marketing management strategy. Once this brand name is widely known, other firms can be invited to use this brand name in their marketing efforts, thereby indirectly benefiting the company. Branding involves the use of symbols, colors, and words to promote the product and make it familiar to target consumers.

Marketing Research

One important concept in marketing is the marketing research concept. This concept refers to gathering information from consumers on the products or services which are being offered by various companies. This is done in order to formulate marketing plans based on the consumer data which will be helpful in bringing about success in the marketing efforts.

Customer Orientation

Another important marketing concept is customer orientation. This concept requires that the marketing concept should be developed keeping in mind the satisfaction of customers. A firm may satisfy consumers with the quality and reliability of its goods and services but if the customers are not satisfied with these products and services then there will be no positive impact on the firm’s reputation. Thus, customers should be made to feel that their satisfaction will result in satisfaction to the firm as well.

Long Term Benefits

A third concept is the concept of creating marketing strategies which will bring about long term benefits to the company. It aims at meeting the customers needs which will increase over a period of time. For instance, it is necessary to develop a marketing plan in case the market is shrinking because of the changing trends. Similarly, it is important to develop coordinated marketing plans in case there is a need to expand the business due to any reason whatsoever. If you feel that your firm is missing some of the marketing ideas, then you should consult the professionals who can bring about long term benefits to the company by developing the required concepts.

Marketing Myopia

Marketing myopia should be corrected as soon as possible because the consequences of ignoring this concept can be fatal for a company. Some of the consequences of ignoring this concept include: – The loss of market share, lower sales, less profits, delayed time scale for introducing new products, and delayed time scale for phased new product introduction. These consequences occur because a firm tends to focus only on the short term objectives of marketing. Hence, the marketing concept should be developed on a long term basis and this includes: – A marketing research and analysis of the market, customer satisfaction, and product concept development. This will result in building a solid foundation for the firm’s future marketing endeavors.