Marketing Concept and its Relationship with Marketing Myopia (Essay Sample)

Marketing Concept and its Relationship with Marketing Myopia Student's Name Institutional Affiliation Course Number: Course Name Instructor’s Name December 30, 2022 Marketing Concept and its Relationship with Marketing Myopia Recently, there has been a debate about the marketing concept, including what it is, it is not, and it should be. In 1950 the America Marketing Association reviewed over twenty-five definitions of marketing concept to reach more or less universally-accepted definitions. Marketing is the practice of planning and implementing the conception, pricing, promotion, and distribution of goods, services, and ideas to create an exchange that attains organizational and individual goals (Starcevic, 2013). Some organizations use a lot of energy and time to market products that do not meet consumers' exact needs. For instance, Blackberry and Blockbuster exercised marketing myopia by failing to adjust to the changing technology and losing market share. Thus, the relationship between marketing concepts and myopia is that they require similar steps, such as public relations, advertising, sales, and promotions. Marketing concept means planning and implementing a strategy to maximize profit by meeting customers' needs, boosting sales, and surpassing competitors. The objective is to create a situation that helps the company and its customers. George & Chrisa (2007) claim that the marketing concept uses marketing data to center on the wants and needs of consumers to devise marketing strategies that not only fulfill customers’ needs but also achieve the organization's objectives. For instance, Nestlé aims to improve farming and farmer's life by growing quality cocoa that can be converted to premium chocolate. Companies that embrace this concept readily admit that customers are the driving force behind their businesses. Therefore, the marketing concept is about the idea that organizations attain success by satisfying the needs of their customers. Marketing myopia involves the tendency of a business to focus on its interests. . This happens at the expense of its clients and other stakeholders, such as the environment. In 1950 Levitt defined this myopia as a lack of understanding of what a company is doing for its customers (Havard Business Review, 2016). Villarino & Font (2015) cite marketing myopia as one of the biggest problems facing businesses today and recommends that companies should focus on the quality of their products and connect with customers to offer value in meaningful ways. For example, Kodak did not plan when digital cameras boomed, losing its share to Sony cameras. Some organizations invest a lot of energy, money, and time in what they currently do that are often blind to the future. Thus, most product launches fail because of marketing myopia. The primary relationship between marketing concept and myopia is that they follow public relations, advertising, sales, and promotion steps. Although successful companies employ marketing strategies that consider the needs of customers and other stakeholders, some only focus on increasing their sales in the short term. According to Kostelijk & Alsem (2020), when organizations adopt a marketing strategy focused on mass production and quick sales of goods, they lose the vision of their customer needs and long-term goals. For instance, when Nokia overlooked the future needs of its customers, it was overtaken by companies like Samsung and Apple that introduced mobile devices with new features, such as GPS and Internet. This loss of vision in a business model or marketing strategy prevents a business from attaining long-term success. Therefore, ...