Why Marketing Myopia Is Part Of Marketing Development


 

Marketing describes the process by which an organization undertakes in order to engage its client base, create brand awareness, create value for existing customers to generate more value for future customers and convert past customers into repeat customers. It is an essential ingredient of every successful business that involves measurable metrics, accurate measurement techniques and timely feedback. Marketers need a wide variety of information and tools to be able to successfully execute their marketing programs. The objective of this article is to provide a brief overview of the importance of marketing to organizations.

Defining Marketing

Marketing encompasses a wide range of approaches, methods and concepts and are therefore a very important part of any businesses' strategy. Marketing is generally the driving force that drives businesses' marketing activities. It consists of the use of communications, advertising, consumer behavior and various other technical aspects. Marketing strategies are developed to achieve specific goals such as increasing sales, improving profitability, developing brand awareness, decreasing product costs and generating a wide range of other competitive advantages.

A marketing concept is a set of representations that can be used to communicate a message to consumers. There are many different marketing concepts that are used across the marketing industry. These concepts include; Branding, Direct Selling, Multi-Level Marketing (MLM), Direct Marketing, and Affiliate Marketing. A marketing concept is nothing more than a map or system used to categorize and understand the marketing landscape, used by businesses of mechanistic organizational structure and regular individuals alike. This map will assist marketers in understanding the various types of marketing activities that they are participating in and how these activities relate to the overall goal of achieving the company's objectives.

The Purpose Of Marketing Concepts

Marketing concepts are designed to attract new customers and increase sales. Once a marketing concept is identified; it is used to develop a marketing plan or action plan that is specific to a product or service. This plan will help to direct resources towards the key elements most likely to generate sales and to minimize marketing expenditures. The five basic marketing concepts are as follows. 

Sales Generation

One of the primary objectives of all marketing concepts is to generate sales. By identifying a target consumer or demographic, marketers are able to reduce marketing management philosophies that do not contribute to this overall objective. A prime example of this is multi level marketing or MLM. In multilevel marketing, prospects are given a product that they must purchase in order for them to receive additional benefits or to continue to receive marketing communications from the main company.

Customer Satisfaction 

The company developing a marketing concept should first identify what aspects of the product or service relate to customer needs before trying to market these elements. Customer satisfaction is achieved through a comprehensive approach that takes into consideration the unique characteristics of each customer, their spending habits, their past purchases, their preferences and their level of satisfaction with the product or service being offered. Through a coordinated marketing plan, these factors are taken into account and the objectives of the overall marketing program are implemented.

Defining The Product Concept

The term product concept can be a little difficult for marketers to understand when starting a new campaign, but once a basic definition has been established, marketers can use this term repeatedly throughout the development process. Developing a product concept is the first step in developing a marketing campaign. This concept refers to both the structure that will be used to distribute products to consumers and the methods by which these products will be marketed. Marketing myopia occurs when marketers focus only on distribution rather than marketing. When distributors do not receive the information that they need to make an informed decision about their product or service, marketers have failed in their objective.

Product Development Requires A Balanced Approach

Proper research and marketing research play an important role in the determination of a concept's viability. These concepts can be either successful or unsuccessful. Marketing research should include collecting data regarding the customer's satisfaction rating and price, as well as any other factors that may affect the selling process. Marketers should also include a segmentation strategy when determining the timing of each component of the marketing campaign.


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