Why Marketing Myopia Is A Problem?
Why Marketing Myopia Is A Problem?
What is marketing? The dictionary meaning of marketing is “the process by which something is made accessible or compatible so as to serve its intended purposes”. Marketing is about getting the word out and making it known to people who are potentially interested in a product or service. Marketing is the art and science of identifying potential customers, determining their needs and determining how best to meet those needs. In a nutshell marketing is all about getting your message, product or service known to the public
Marketing is a very broad term that encompasses many things. There are marketing concepts that focus on providing customer orientation, providing quality and unique products or services, building brand awareness and increasing sales and profits. As well, there are marketing concepts that are geared toward solving problems, reducing costs and increasing profitability. A coordinated marketing effort utilizes all of these disciplines in order to meet the objectives of the company.
The concept of marketing management has evolved into a much more specific set of skills and processes. Companies of all sizes have their own unique selling approaches, but essentially they all utilize some or all of the same marketing management principles. There are five major marketing principles. These are integrated marketing communications, comprehensive marketing solutions, targeted selling, experiential marketing and lifestyle marketing. The one that is being utilized by your company is likely a result of one or more of these five marketing concepts.
In order for a marketing management firm to be successful there must be a balance between communicating with consumers, selling to consumers and fulfilling marketers’ and advertisers’ objectives. Marketing principles often include the ability to influence and shape consumer behavior, building brand awareness and positioning the business for success, maximizing the benefits of marketing strategies and effectively communicating with the public. These marketing concepts are designed to be compatible with the objectives of the company, enabling the company to meet the goals that it sets for itself and allowing the marketing management firm to provide its clients with a complete picture of what the company can do to help them reach their goals.
One of the most common marketing myopia problems that many companies face is defining their product concept. A product concept is very important because it is often the first thing that a consumer will notice about a product. It will also often be the first thing that a prospective customer will need to know in order for them to make a buying decision. Defining your product concept can be a challenge because many people within the company may have varying opinions about what the product concept should be, what it looks like and how it should function.
Defining a marketing concept before you begin your marketing campaign requires you to get a full idea of what your product does and how it functions. By engaging in a comprehensive marketing research, you will be able to determine both what your potential consumers need and what they want. Through this research you will be better able to establish the core values, goals and objectives of your company and develop a strategy for selling the products. Once you understand the market, you will have a much easier time explaining your concept to consumers, allowing you to help them achieve their goals.