Essay I



Marketing Myopia Essay

James Jones (First M. Last)

School or Institution Name (University at Place or Town, State)

Marketing is a term and a concept which is perceived in numerous different ways. Marketing is often defined as a management process which deals with converting the concepts into goods and services for the customer. It consists of different activities such as identifying needs and wants of consumers, determining the demand and converting them to products and services ADDIN ZOTERO_ITEM CSL_CITATION {"citationID":"a19q94ffact","properties":{"formattedCitation":"{\\rtf (\\uc0\\u8220{}What is marketing?,\\uc0\\u8221{} n.d.)}","plainCitation":"(“What is marketing?,” n.d.)"},"citationItems":[{"id":1249,"uris":["http://zotero.org/users/local/FGhKhGPG/items/X5Y6V9Z4"],"uri":["http://zotero.org/users/local/FGhKhGPG/items/X5Y6V9Z4"],"itemData":{"id":1249,"type":"post-weblog","title":"What is marketing? Definition and meaning","container-title":"Market Business News","abstract":"Marketing means studying the market place, finding out what customers want, and then creating and delivering those products at the right price.","URL":"https://marketbusinessnews.com/financial-glossary/marketing-definition-meaning/","shortTitle":"What is marketing?","language":"en-US"}}],"schema":"https://github.com/citation-style-language/schema/raw/master/csl-citation.json"} ("What is marketing?" n.d.). It also includes other activities such as advertising and promotions to the right target market in order to enhance sales.

Marketing is centered on converting the customer needs into products and creating value to the customers to enhance their satisfaction levels. The American Marketing Association defines marketing as “An activity or set of intuitions and a process for creating, communicating and exchanging value for clients, customers, and society at large." To sum up, the primary objective or goal of marketing is to achieve customer satisfaction. Marketing myopia is the concept first used by Theodore Levitt in 1960 in Harvard Business Review, and it is a situation when a company uses a narrow-minded approach and doesn't focus on the customer needs and desires. Marketing myopia strikes in when the goal is to generate more sales and profits and not the long-term relationship with customers.

According to Levitt, this concept has two main ideas; industry is not a right –producing business but a customer-satisfying process. If a business is focused on satisfying customer needs, then it will do well in the long-run. A business has to avoid market myopia in order to be successful. Different factors contribute to the marketing myopia which includes the belief that the business growth is based on population growth and mass production will automatically create demand. In addition, overestimation of product’s qualities without doing research also leads to market myopia.

Marketing and marketing myopia, both concepts are different; however, the aim of both is to achieve customer satisfaction. Marketing myopia and marketing also follows the same steps, both involve detailed marketing research to obtain the right knowledge about customer needs, wants and demands. It tries to understand the customer needs and design the products and services and marketing strategies to meet those needs. Both demands to be creative and innovative while making strategies. The customer has to be the point of focus while creating products and services to achieve a high level of customer satisfaction.

Marketing and marketing myopia are the essential concepts which hold long-term profitability for the company. A business concept that revolves around the customer and its satisfaction is crucial for the success of the company. These concepts are everything that a company needs to attract and retain rewarding customers CITATION Lev04 \l 1033 (Levitt, 2004). The customer is the key component in both the concepts and these are highly related when it comes to the success of the company. Successful companies implement both by doing extensive research and development before making and promoting any product.

Many examples of marketing myopia have been seen, and one of the most famous ones is Kodak losing its losing shares. Nokia also failed to compete with emerging technologies because it was not developing products according to the customer needs and wants and android and IOS dominate the market. The electronics companies have to make investments in extensive research and development, and companies which fail to do so are vulnerable to marketing myopia. Hollywood also failed because it was just focusing on movies rather than television. Yahoo was bought by Verizon in 2016, and it lost market share to Google. There are many examples available, and modern companies must learn from them to avoid marketing myopia.

References

BIBLIOGRAPHY Levitt, T. (2004). Marketing Myopia. Harvard Business Review, 12.

ADDIN ZOTERO_BIBL {"custom":[]} CSL_BIBLIOGRAPHY What is marketing? Definition and meaning. (n.d.). Retrieved from https://marketbusinessnews.com/financial-glossary/marketing-definition-meaning/