Marketing is one of the most important activities that organizations perform. It is one of the pillars of any organization’s success and allows them to develop a recognizable brand in the market. The purpose of marketing is to get the most out of the limited marketing budget that is available to them while developing a strong customer base.
The field of marketing has many different theories and concepts, each with its own definition and functions. Some of these include direct marketing, social marketing, advertising, mass marketing, and marketplace marketing. These are just some of the various marketing concepts that are used to describe the processes and goals of marketing. Marketing involves the three main elements: selling, buying, and communication. The other components include research and analysis as well as changes to the company that need to take place.
Marketing starts by defining your product, what you will sell, and how you plan to sell it. This is often called your product concept or selling proposition. Marketing then describes the techniques you will use to reach your product concept. All three of these elements need to be clearly defined before you can move on to marketing management and planning. You must be sure that the definition of your product, your selling proposition, and your method of delivering your product are all well thought out before you ever move on to marketing management.
One of the main problems with not defining your product concept and marketing myopia is that you could end up marketing a concept that is incompatible with what your customers want or need. For example, if you are selling a product that focuses on seniors, then you will have to make sure that you don’t market to younger consumers or to men. If you have already defined your concept, then you can focus on the consumers you target, rather than wasting time on marketing techniques that may not work for your demographic. Marketing myopia prevents the successful development of marketing strategies that will really benefit your organization. If you don’t believe this is an issue, then consider the ramifications of the public being uninterested in your product because you didn’t focus enough on marketing your concept.
By definition, marketing management should be used to improve the profitability of your business by helping you identify the best marketing strategies for your business. It includes areas such as marketing research, implementation of new marketing strategies, monitoring consumer behaviors, and evaluating your results. Marketing myopia prevents marketers from considering these key factors, which could mean that they spend more time implementing marketing strategies that won’t really work and they fail to benefit their customers.
The last thing that prevents many marketers from marketing myopia is that they feel like the definition of their concept is so vague that they do not even know where to start. By definition, marketing is selling something to consumers for a profit. This means that you have to effectively communicate with consumers and build a relationship by explaining your concept to them. Once you build a relationship with your consumers, you can then begin to sell to them.