Marketing Concept and Marketing Myopia (Essay Sample)
Describe the role marketing APPROACHES and concept in growth of business and market DOMINANCE.
Use at three (3) quality resources as references for the assignment and document your sources using apA Style for in-text citations and references. Note: Wikipedia and similar Websites do not qualify as quality resources.
Write clearly and coherently using correct grammar, punctuation, spelling, and mechanics.
Marketing Concept and Marketing Myopia
Marketing Concept and Marketing Myopia
Fundamentally, various concepts are usually utilized towards achieving a successful business. One of the fundamental concepts that significantly determines the success of a company is marketing. Marketing is composed of diverse activities undertaken by a business entity to promote its products or services. Essentially, there are various elements in marketing which include the marketing concept and marketing myopia. It is essential to fully comprehend the relationship between marketing concept and marketing myopia toward determining how they affect the success of a business
Equitably, the marketing concept entails an institution’s strategy to gratify clients’ requirements, maximize profits, promote sales, and overcome the competition. Namely, there are five marketing concepts that a company can employ and execute, which include product concept, production concept, selling concept, societal marketing concept and marketing concept. Addressing product concept states that clients would prefer products that offer superior performance, quality, and innovative features. Basically, a company usually focus on constantly making various products enhancements (Patsiaouras, 2019). The selling concept stresses that clients would not purchase enough of a company’s products unless wholesale selling and promotion effort. The company typically strives to develop sales transactions instead of creating long term profitable client relationships.
Additionally, marketing concepts emphasizes that attaining a company’s objectives depends on comprehending the requirements and desires of the target market and supplying the desired gratification better than the competition. In this instance, the company’s focus is usually first on increasing profits and sales. The societal marketing concept usually focuses on delivering value to clients in a manner that maintains or enhances both society and clients well fair (Homburg, Jozić & Kuehnl, 2017). It entails environmental and socially responsible marketing, which safeguards and enhances future generations’ capability to achieve their needs. Lastly, a production concept stipulates that a client would prefer products that are available and significantly available.
Keenly, marketing myopia is the situation whereby an institution has a definitive marketing approach where the company focuses primarily on one element from a diverse of possible marketing attributes. Relatively, marketing myopia develops in the instance of short-term marketing goals being given more prominence than long-term goals. There are various instances of evidence of marketing myopia, such as primarily focusing on sales rather than developing relationships with clients, growth prediction without appropriate research, and mass production without establishing whether there is demand (Pahwa & Pahwa, 2021). It also focuses on one aspect of marketing without regard to customer needs and lack of adaptation to the dynamic consumer environment. Notably, the relationship between marketing concept and myopia can be established whereby production can result in marketing myopia.
Fundamentally, a company may focus on producing cheap and available products while abandoning various possible marketing attributes, hence disregarding the customers’ needs. Pointedly, one of the examples of marketing myopia is in the
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