Marketing is one of the most important components of any business. It allows a company to reach out to potential consumers and inform them of the product or service it provides. Marketing is also responsible for creating awareness, driving sales, and building brand recognition. In fact, marketing is considered by many to be the most important component of the business.
Marketing has two basic concepts – selling and advertising. Selling conveys information to potential customers about the benefits of buying a certain product. Advertising, on the other hand, communicates to potential consumers about a product. Although there are other concepts that may be related to marketing, these two are the most common. Marketing refers to both the process that an organization undertakes in order to engage with its target market, develop strong relationships to generate profit, and establish value to deliver better service to consumers.
These marketing concepts can be broken down into five major marketing management philosophies. The first is social marketing. Social marketing focuses on making a positive contribution to society through products and services that enhance the lives of others. The second is utilitarian marketing, which looks at selling products to increase revenue without regard to whether these products contribute to societal marketing goals.
The third is educative marketing concept, which seeks to contribute to societal needs by producing products that provide information relevant to the consuming public. The fourth is persuasive marketing concept, which looks to promote a product or service based on strong selling points. The fifth is an independent marketing concept, which seeks to produce and market products or services on their own. The sixth is corporate marketing concept, which promotes the interests of a company within the industry.
One way to manage marketing myopia is to be honest with clients about the goals of the company and what it hopes to achieve. Additionally, keeping track of progress in terms of customer satisfaction, return of investment and other metrics can help clarify goals and monitor progress. It also helps to develop marketing plans and follow them through from start to finish. Marketing plans become a marketing philosophy to be used in place of a philosophy. Companies that want to take their companies to the next level need to be critical when it comes to their marketing philosophy.
A philosophy should be able to guide product development, marketing activities and selling. While it may sound like common sense, some companies do not apply their selling philosophy or the principles they learn from marketing research to product development. This means their products never get off the ground and they spend more money on marketing than they make in product development.