An Introduction to the Concept of Marketing Myopia
Marketing Myopia is tagged as a situation wherein a company works with the sole aim of selling a product, ignoring all other aspects even the ultimate goal of customer satisfaction. This situation presents a stringent marketing approach wherein a company drives all its efforts towards selling a product and lay emphasis on any single aspect from other available marketing attributes. A simple illustration of marketing myopia is that if a company wishes to increase its sales and ignores other aspects of brand promotion or even making a search of what customer actually wants. BookMyEssay is here to give you full information about the marketing assignment writing with 24×7 live chat support.
What Leads to the Situation of Marketing Myopia?
Some instances that are viewed to give rise to the actual situation of marketing myopia are the result of poor management. Otherwise, good management will always look for a company growth in long term perspective. Marketing Myopia happens under the following circumstances:
- When a firm is only engrossed on selling its products and gives less importance to customer relationship building
- Producing goods in massive quantities without bothering about the scale of demand
- Forecasting growth without research
- Holding one marketing aspects higher than other linked marketing concepts; this leads to total ignorance towards customer’s needs and desires
- Being rigid even when the consumer environment changes
What are Constituents of Marketing Myopia Theory?
As per this theory, sellers / marketers are guided to be more focussed towards attaining or delivering what the customer actually wants and not what they want them to buy. The concept is entirely focussed on understanding the current marketing conditions and making changes in the ways an organization function. A business must always work to satisfy the customer needs and the products must be manufactured post thorough research.
Leaning about the Significance of Marketing Myopia Theory
Marketing Myopia over the period has become a critical concept which every business has to understand for attaining success and consistent growth. Basically, this concept discourages a company to think short term wherein the focus is on selling and not understanding the consumer behaviour. With the changing market scenario, the customers need evolve. So, marketing myopia theory aims at guiding the businesses about bringing in products that cater to customers changing needs especially in terms of technology. This concept lays complete focus and importance on conducting thorough market research which can help it to be well prepared to face market competition.
In a nutshell, Marketing Myopia Theory proposes a business to be consumer-focused wherein it must strive to constantly innovate its offerings. It suggests the marketers to take a controlling position wherein they are better equipped and prepared to learn about the customer desires. As per this theory, business must be able to carry out regular research and learn about the changes being introduced in the market. This regular updating about marketing trends can help an organization to adapt innovative marketing strategies basis consumer feedback. As per MM Theory, a company must understand the consumers’ needs and find out ways to improvise products to hold customer loyalty for long term.
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