Marketing Myopia – Why Some Companies Use The Wrong Concept In Their Marketing Plans
Marketing is one of the most important factors that contribute to a company’s success. If this factor is not well understood and implemented, a company can easily fade into irrelevancy. Marketing refers to the act an organization undertakes in order to engage its target client base, develop strong connections to generate value for clients in return, and earn a profit. A well-developed marketing strategy can significantly boost sales revenues. The following tips will aid in your quest to effectively market your product.
Once you have decided on your marketing strategies, you need to conduct thorough research on your target customers and find out what they want from buying a particular product. One of the best ways to determine what your target customers are looking for is by conducting marketing research. By doing marketing research, you will be able to gauge which marketing activities produce results, which marketing activities are more fruitful, and which marketing activities yield minimal results.
As per various marketing management philosophies, one of the most critical elements that influence the profitability of any business lies in the profitability of its customer. Social marketing concepts believe that selling to people who have similar buying habits will result in greater sales revenues. Thus, a good marketing management philosophy is to identify your target consumers and seek out those social marketing groups that have similar buying habits. For instance, in the US consumer society, buyers in various socioeconomic groups – such as families with kids, professionals, and the elderly – all have distinct buying preferences. You may want to target these groups to develop your marketing strategies.
Another concept related to marketing strategies is the concept of value extraction marketing. This concept believes that selling to consumers who buy a product without analyzing the product first is worthless. For instance, if you are developing a television set, it is essential that you research the type of consumer that will likely purchase the product before developing marketing strategies. Other marketing concepts like value extraction marketing believes that consumers should be educated before they are persuaded to purchase a product.
There is another marketing concept related to consumer buying habits and that is value-added or add-on marketing. According to this concept, developing marketing myopia should not be the main objective of marketing strategies. According to this concept, consumers are more interested in purchasing products that can be added onto the existing package. Thus, adding an item that adds value to the product will allow consumers to purchase more of the product.
Finally, according to another popular concept, marketing research should focus on the customer’s satisfaction rather than focusing on the profit margin of a particular product. According to this concept, marketing research should not seek to determine whether a product is profitable. Rather, marketing research should seek to establish the need of consumers for a particular product and find out the ways that will help consumers to fulfill their needs. If a product fulfills a need but does not solve the marketing problems of consumers then it will definitely not be successful in selling. Thus, instead of focusing on profit margins, it is important to concentrate on the needs of consumers and target the correct marketing concept that will work for those needs. It is also important to note that the above mentioned concepts are just some of the many different marketing concepts that exist.
