Marketing Myopia – How to Cure It
Marketing is one of the most important aspects of any business. If a business wants to be successful it needs to market itself in the best way possible. However, marketing can be difficult as there are many competing interests and strategies in play. The old-fashioned approach of marketing was to write large ads in newspapers, magazines and even on radio and TV. Although this method still has some relevance it does not work very effectively for most businesses these days.
There are now marketing concepts that marketers use on a regular basis. One such concept is called consumer psychology. It is the study of how consumers make buying decisions. Marketing professionals recognize the need to understand why consumers make certain decisions and why others may not make them. This is where marketing strategies come into play.
Another popular marketing concept is that of the product concept. Basically this refers to marketing products that have high perceived value to consumers. For example, if you were a clothing manufacturer you would want to sell clothing with a high perceived value. Marketing professionals believe that a higher perceived value equates to a higher quality product. Consumers will generally buy a product that they perceive to be of high value. This helps to increase brand loyalty and repeat sales.
Another common marketing concept is called the selling concept. This refers to marketing processes that help you sell a product. You can use a number of marketing research techniques in order to determine what types of advertising methods will be most effective in selling your product. Sometimes a marketing strategy will work well when it is used in conjunction with another concept. Sometimes it is best to use one strategy and concentrate on one particular concept rather than trying to use several marketing concepts.
Marketing myopia refers to the problem, some marketers have to see the whole picture. Some marketers view selling as the main goal and totally ignore the consumer. It is believed that the only time consumers will become involved in selling is when the product concept has been completely understood and consumers are already comfortable with using the product. However, research shows that the average person spends about 80% of their time just making use of the product. Therefore, a marketer needs to make sure that they are not overlooking the consumer and focusing only on the selling aspect.
Marketing myopia also leads marketers to fail in their marketing activities. In fact, a major marketing research firm found that only a small percentage of marketers actually follow through with the planned marketing activities. Due to a lack of marketing activity, the company profits suffer. Therefore, it is important for a marketer to realize that marketing activities are more complex than they may seem at first glance.