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Marketting- The Correlation Between the Marketing Concept and Marketing Myopia (Essay Sample)

Instructions:

Subject: Marketing
Number of words: 550
Number of sources: 3
In this essay, define the marketing concept and summarize its relationship to marketing myopia. Give an example of marketing myopia that you have seen. Support your ideas with publicly available data sources.
Your essay must include an introduction. You must also reference at least two journal articles and one article from a business-related or news website; therefore, your essay should be supported by at least three sources. Your essay must be at least two pages in length and double-spaced, not counting the title and reference pages. All sources used must be referenced; paraphrased and quoted material must have accompanying APA citations.

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Content:


The Correlation Between the Marketing Concept and Marketing Myopia
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The Correlation Between the Marketing Concept and Marketing Myopia
In classic theory, business success is hinged on the capacity of companies to recognize and serve the needs of their consumers effectively. According to Al-Tit et al. (2019), some imperative factors for business success include managerial skills, organizational motivation, marketing strategy, customer service, and market orientation. Each of these factors plays a pivotal role in driving organizational success. Marketing, in particular, is critical as it influences a company's competitive advantage (Al-Tit et al., 2019). The analysis of marketing data to develop effective marketing strategies is encapsulated in the marketing concept, whereas the narrow-minded focus on too much internal growth or production capacities rather than how to meet the market’s expectations encapsulates marketing myopia as this paper expounds.
What Is the Marketing Concept?
Ideally, the marketing concept stipulates that businesses should always strive to offer their customers more value than their competitors to gain a higher competitive advantage and command a larger market share. In order to achieve this, a company should develop processes that enable it to collect enough market data that it can analyze to figure out the needs of its consumers and manufacture products that match these needs (Homburg et al., 2017). Chick-fil-A, Slack, Natura, and Apple are a few examples of businesses that offer some of the best customer experiences in the market because they take time to understand what their customers want (Morgan, 2019). By implementing the basic tenet of the marketing concept, which is to prioritize satisfying customers' needs, these firms have distinguished themselves in their respective niches. Thus, the marketing concept insists on using marketing data to understand the primary needs of one's consumers and customize products to meet these needs. 
What Is Marketing Myopia?
Marketing myopia occurs when the principles of the marketing concept are disregarded or inadequately implemented. Usually, marketing myopia arises when a company focuses too much attention and resources on manufacturing a product rather than focusing on what its customers truly need (Kamasastry, 2020). This theory is attributed to Theodore Levitt, who was the first to promulgate that organizations sometimes tie business success to the capacity to produce many quality goods and services, which is wrong. Instead, Levitt proposed that it is more effective to focus on consumers' basic needs in order to determine how to best meet them (Kamasastry, 2020). Therefore, firms that embrace a product-centric mindset instead of a customer-centric one risk the negative consequences of marketing myopia and inevitable downfall.
The Correlation Between Marketing Myopia and the Marketing Concept
The relationship between marketing myopia and the marketing concept is simple: a failure or inadequacy to follow the latter's principles leads to the former. Ideally, the marketing concept informs the marketing strategies companies use to fulfill the demands and wishes of their targets markets by providing not only quality but also practical products and services (Homburg et al., 2017). On the other hand, marketing myopia alludes to the shortsightedness that occurs when companies prioritize manufacturing and marketing products and services that are hardly valuable to their clients (Kamasastry, 2020). Today, various companies have succumbed to marketing myopia, for example, Kodak and Nokia, which were surpassed by their competitors for failure to evolve with their markets. Such companies forget that the primary driver of business success is strong customer relationships as opposed to product-centric business approaches.
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