Marketing Concept and Marketing Myopia (Essay Sample)
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.
Marketing Concept and Marketing Myopia
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Marketing Concept and Marketing Myopia
Effective marketing remains critical to business success. The profitability of a business relies on the marketing strategies such as advertising, promotions, and successful execution of sales and public relations. Without proper marketing strategy as part of the business plan, an organization with the best products and services can fail. Employing the marketing concept and avoiding marketing myopia can significantly contribute to the success of a business by facilitating the delivery of customer-centric services, which ultimately appeals to the needs of the consumers.
The marketing concept refers to the idea that firms need to analyze their customers’ needs and make informed decisions to satisfy such needs better than the competitors (Delapedra & da Silva, 2021. The marketing concept holds that long-term profitability can best be realized when firms focus the coordinated activities of a business to satisfy the market segments’ needs. According to Delapedra & da Silva (2021), the marketing concept holds that businesses achieve their goals by realizing needs of its target markets and delivering the anticipated essentials.
By definition, Marketing Myopia refers to an inward looking and short-sighted strategy of marketing that emphasizes satisfaction of immediate wants of a company instead of marketing from the point of view of the customers (Gallo, 2016). Marketing myopia assumes a limited marketing view, which concentrates on the needs of the business and not those of the clients. Also referred to as the shortsighted marketing approach, marketing myopia is profit-driven as it focuses on selling products. Businesses suffer from the detrimental marketing myopia due to limited time and resources (Gallo, 2016). Consequently, the most effective way of overcoming the challenge of marketing myopia is to invest time in having a detailed understanding of the buyer persona.
The marketing concept is related to the marketing myopia in numerous ways. While the concepts are different, both necessitate comparable steps. Specifically, just like marketing myopia, the marketing concept necessitates advertising, promotions, public relations, and sales to thrive (Delapedra & da Silva, 2021). Both aspects also attempt to carry out marketing research and make use of marketing approaches that are consumer-feedback oriented. Notably, marketing myopia and the marketing concept are both relevant to the contemporary businesses landscape.
The railroad industry is a typical example of marketing myopia as it assumes that it engages in railroad business and not transportation business. The implication is that the railroad industry is concede with railroad and not transportation, implying that the business is product oriented and not customer oriented. The railroad business was initially steady in its growth in that it transported people and freight (Patel et al., 2021). Compared to the past, railroads are less popular today as a result of the manner in which they view busin
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