Coordinated Marketing Myopia
Marketing is one of the most important components to any business. It has been said that if a business fails to market itself well, then it has failed itself. Marketing refers to the act that an organization undertakes in order to engage its intended target audience, develop rapport with consumers, generate value for itself in the marketplace and gain competitive advantage through various marketing practices. Therefore, marketing is a key ingredient in any company’s success as it helps to create brand awareness, increase visibility of products and services for consumers, position a company strategically in the marketplace, and generate sales.
As already discussed above, marketing can be a very complicated process and even a seasoned marketing professional can sometimes fail to recognise all the marketing opportunities available to them. One of the biggest problems that new professionals face when it comes to marketing is identifying the appropriate concept to use to promote their products and/or services. This is where marketing myopia occurs, and if this happens to you, then you will find that you have completely wasted your money on ineffective marketing concepts.
Marketing myopia occurs when a marketing professional approaches a marketing concept and immediately assumes that marketing must be an activity that focuses primarily on generating sales. This is not the case and in fact, marketing should never be about generating sales at all. Instead, marketing should be a concept which is designed to identify the customer needs of customers in a particular market segment and then seeking to meet these needs by providing a solution. For example, a health care company might identify that its customers need to be made aware of various treatments available for diseases that they might be suffering from, through various forms of media such as television, the internet and the print media. Through coordinated marketing myopia, the health care company would then establish a number of media outlets in the local area, which would provide information on the various disease that is prevalent in the area and which treatments are available for combating these diseases.