Marketing Myopia Discussed In The Unit I Lesson ✓ Solved

Marketing Myopia Essayas Discussed In The Unit I Lesson The Marketing

Define the marketing concept and summarize its relationship to marketing myopia. Provide an example of marketing myopia you have observed. Include an introduction, support your discussion with at least one journal article from the CSU Online Library and one article from a business-related or news website, and ensure proper APA citations. The essay should be at least three pages long, double-spaced, excluding title and references pages.

Sample Paper For Above instruction

Marketing is a fundamental business function that involves identifying, anticipating, and satisfying customer needs effectively and efficiently. Central to marketing is the marketing concept, which emphasizes understanding and focusing on customer needs and wants to achieve organizational goals. This customer-centric approach encourages businesses to develop products and services aligned with market demands, guided by market segmentation and targeting strategies. The relationship between the marketing concept and marketing myopia is a critical aspect of strategic marketing management, with the latter representing potential pitfalls when organizations lose sight of customer needs in pursuit of purely sales or production objectives.

The marketing concept is rooted in the philosophy that the primary purpose of a business is to satisfy customer needs better than competitors, resulting in long-term profitability and growth (Kotler & Keller, 2016). It involves a comprehensive understanding of the target market, segmenting the market based on various criteria such as demographics, psychographics, or behaviors, and tailoring marketing efforts accordingly. Promotion plays a pivotal role in communicating with target markets, informing potential customers about product features, benefits, and reasons to choose a particular brand. Thus, marketing effectively combines product development, market segmentation, targeting, positioning, and communication strategies to create customer value.

However, the marketing concept can be undermined by marketing myopia, a term coined by Theodore Levitt in 1960. Marketing myopia occurs when organizations become overly focused on selling products or existing needs rather than understanding and fulfilling underlying customer needs and desires. This shortsightedness often leads companies to emphasize existing products and sales volume at the expense of innovation, adaptation, or broader market understanding. As a consequence, firms may experience decline when market conditions change or new competitors emerge, rendering their current offerings obsolete or irrelevant. An example of marketing myopia can be seen in the decline of railroads in the United States. Many railroad companies failed to recognize that they were in the transportation business, not just the railroad business, and overlooked the advent of automobiles and airplanes that revolutionized personal and freight transportation (Levitt, 1960).

The decline of traditional railroad firms illustrates how companies can suffer from marketing myopia by neglecting broader market changes and customer preferences. Instead of innovating or diversifying transportation options, they remained fixated on their existing business models. Modern instances include smartphone manufacturers that focus solely on specifications without considering evolving consumer preferences for integrated experiences and user-friendly interfaces, leading to loss of market share to more adaptive competitors (Riquelme & Rios, 2020). Recognizing and avoiding marketing myopia involves continuous market research, innovation, and a customer-oriented mindset that prioritizes long-term satisfaction over short-term sales targets.

In conclusion, the marketing concept promotes a customer-focused approach integral to sustainable business success. The relationship with marketing myopia highlights the importance of being vigilant about market changes and evolving customer needs. Companies that remain flexible, innovative, and attentive to their target markets can avoid the pitfalls of shortsightedness and position themselves for long-term growth and relevance in competitive environments.

References

• Levitt, T. (1960). Marketing Myopia. Harvard Business Review, 38(4), 45-56.
• Kotler, P., & Keller, K. L. (2016). Marketing Management (15th ed.). Pearson.
• Riquelme, H. E., & Rios, R. (2020). Consumer behavior and technological change in the smartphone industry: Impacts on strategic marketing decisions. Journal of Business Research, 110, 45-53.