Marketing is the practice of promoting products and services to prospective buyers in the market. It involves the use of communication systems such as the media, internet, television, and other forms of interactive marketing. Marketing also refers to the act of creating awareness, generating sales, gaining market share, and bringing business value to the company. In business, marketing is considered a vital element, which determines the survival and prosperity of a venture.
The term marketing has many applications. It can refer to any of these elements: marketing strategy, mass communication, consumer behavior, advertising, and coordinated marketing. All these components form the basis of the business idea or concept of marketing. When these concepts are blended together, a more comprehensive marketing concept emerges. The resulting concept is intended to satisfy customers needs, expectations, and preferences, and create a sense of satisfaction in the customers.
In most cases, marketing myopia concentrates on only a few elements. The key elements for the concept to be successful are: the positioning of the product, development of the concept or idea, development of the marketing plan, distribution of the product or service, and measuring the success of the concept. These elements have to be complemented by effective promotion and advertising. Marketing myopia results in failure of a product concept or idea, and therefore, a company should avoid it.