The act of marketing is basically the act of creating the necessary demand for a product or service so that more buyers will be encouraged to buy it. Marketing is a systematic process by which a firm establishes and develops customer loyalty, establishes the firm’s reputation in the market, and prepares the firm to face challenges or cope with new challenges in the future. It should be the object of constant study, development, and application.
There are four basic concepts of marketing which are integrated together to form the core concept of marketing: it is the mutual relationship between a firm and its customers; it is the conscious coordination of all marketing activities with the overall strategy of a firm; it is the establishment of a sustained process of communication between and among people, organizations, and markets; and it is the creation of an awareness of customers needs and wants. Marketing therefore is the most significant of all economic activities of any firm. Marketing is an essentially creative and persuasive process, whose goal is to identify and fulfill customer needs and expectations.
Marketing myopia is one of the many mistakes made by firms when they attempt to maximize their potential by focusing only on one aspect of the entire marketing process. If one thinks only in terms of product concept, then marketing myopia results when firms ignore all other aspects of the marketing process and concentrate exclusively on developing a single product concept, launching that concept into the market, and depending on the success of that product concept, stimulating further interest in the market for the other similar products. Firms have become very good at launching single concepts and then depending on their success to launch additional similar concepts, but this has come to a limit as far as the development of other products is concerned. Marketing myopia prevents firms from seeing beyond their product concept to the market demands and requirements of consumers. In order to develop other products and meet consumer demands marketing myopia needs to be corrected.