Marketing has always been one of the core activities of a company. Marketing refers to the act by which an organization undertakes to interact with its target market, establish strong relationships with customers and create value so as to obtain more value in exchange for the money spent. Marketing is therefore a dynamic word, referring to a broad array of activities that support the creation and establishment of a firm’s value proposition. It is also referred to as the foundation on which a firm bases its competitive activities.
The term marketing refers to three separate but connected areas of focus. Firstly, there is what is known as the comprehensive marketing management. This aspect of marketing focuses on meeting the needs and demands of the target markets. Second, there is what is called the integrated marketing concept, which seeks to satisfy and address the unique requirements of the different customers or groups within a firm.
The third important area of marketing involves the creation and development of a product concept. Marketing myopia refers to marketers focusing only on the creation and development of a product concept and excluding or ignoring the other factors that may help determine the success of a product. For example, a marketing myopia may limit marketers to only considering the demand and quality of the product or service they are selling. This may result in a product concept that is lower in quality than competing products in the same category. A marketer should be aware of the various factors influencing the success of a product before developing a product concept.
Marketing myopia prevents marketers from considering the needs and feelings of consumers. It is important for marketers to be sensitive to the needs and feelings of their consumers and address them in their marketing concepts. For example, if a firm creates a television advertising campaign targeting only teenagers, it is likely to fail as it does not meet the needs and feelings of many teenagers. This failure could then have a negative impact on the firm’s image among other consumers. By addressing the various needs and feelings of consumers, marketers may be able to develop a more effective and successful marketing concept.
The final area of market focusing involves the process of implementation. Many firms that have failed in the past because of marketing myopia have implemented poorly conceived marketing concepts. Poor implementation of marketing management may also result in a lot of wasted resources and a waste of money. Marketers need to consider implementing various marketing concepts in their business and implementing them effectively if they want to see success.
All these areas of marketing research, product development, and implementation need to be undertaken carefully. Marketers need to keep in mind the importance of each of these aspects and use them wisely. They should never ignore any of these factors, but instead should use all opportunities that come their way to implement them effectively. If they do their job correctly, marketers will succeed not only in selling new products or services, but also in selling existing ones.