Marketing Myopia

Marketing is a very broad term, it can mean different things to different people. For instance, one person may refer to marketing as bringing a product or service to market, while another may view marketing in more generic terms as the effort to make the company name well known to potential customers. In any case, marketing involves the process by which an organization undertakes to actively engage its target market, develop strong relations with other businesses to create value for their clients, and secure brand loyalty in return for future referrals.

marketing

Marketing myopia is when a business or company believes that all there is to marketing is just developing the perfect product concept, marketing it to everyone and their brother, and making massive profits from every sale. The problem with this approach is that creating a perfect product concept is not as easy as it seems, especially when it comes to attracting consumers and enticing them to purchase the product. Consumers have become experts in the buying process, so any company that believes that it can simply throw a product concept up on the shelf and leave it at that is likely to suffer a great loss in profit and popularity in its industry. Furthermore, focusing on the development of a superior product concept rather than developing a superior marketing concept will result in a company missing a huge opportunity to capitalize on the power of consumer attraction.

Marketing myopia also causes many companies to focus primarily on selling their services rather than developing a concept that can sell products. This is a mistake because selling a service requires far less expertise and marketing research than selling products. Selling a service requires far less skill than selling a product, because selling a service involves selling solutions to problems and offering solutions to people. This means that marketers need to focus on developing a concept and then marketing it to consumers to make the concept work. Otherwise, a company will simply be wasting resources on selling a concept which will be considered a complete waste of time by consumers.