The Marketing Concept and its Relationship to Marketing Myopia (Essay Sample)
This essay required answering the question: How is marketing myopia affected by the marketing concept? Further instructions included using relevant examples and referring to Theodore Levitt’s conceptualization of marketing myopia. Additionally, the article “A Refresher on Marketing Myopia,” published in the Harvard Business Review was a mandatory citation. The paper followed APA 7th Edition’s stipulation on formatting and citation.
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The Marketing Concept and Its Relationship to Marketing Myopia
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The Marketing Concept and Its Relationship to Marketing Myopia
Many firms hardly make it to their second year after being launched due, in part, to marketing failures. A business’s ability to withstand challenges—market, economic, and financial—is dependent significantly on the preliminary marketing research conducted by the owners. The marketing concept is a framework for the identification of various consumer needs and wants. It encompasses models aimed at ensuring effectiveness, cost efficiency, and social responsibility. While streamlining resources towards attaining an organization’s goals may prove successful, some businesses still fail at meeting critical market demands. Theodore Levitt coined this occurrence as “marketing myopia,” rooted in the thoughtful assessment of various marketing approaches adopted by corporations. Companies deliberately fail to pursue worthwhile goals such as quality by overfocusing on pricing and, by extension, profits. The
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