Marketing is the lifeblood of any enterprise. It is a critical strategy that is applied to achieve certain business objectives. Marketing is a technique that provides a unique approach to business that builds long term relationships and recognition within a marketplace. In marketing, a company markets its products and/or services in a manner intended to attract new customers, gain new clientele, and build loyalty among existing ones. The marketing techniques used by organizations across the globe to attract clients are referred to as marketing. Marketing is an inclusive term that encompasses a variety of strategies, including advertising and promotion, to generate sales and build brand awareness.
The social media is one of the marketing concepts that are gaining immense popularity in recent times. The Internet has become one of the most powerful marketing tools for small and medium businesses across all industries. Many online marketing management companies are emerging to provide businesses with effective internet marketing services in order to reach their desired goals and improve bottom line profits.
Another major marketing concept is that of consumer concept. Consumer concept basically means understanding the psychology of the consumers. This is done by marketers so that they can easily target a specific group of people by creating a specific kind of message that appeals to them. For example, a car accessory marketing firm may create a TV commercial or a billboard ad that appeals to drivers in order to increase their sales.
Another important concept in marketing is that of product concept. This involves creating a product or service that is highly useful to potential customers in the near future, along with creating packaging and advertising materials to promote the product or service to the market. Customers need to know that the product exists and that it will be of value to them in the near future. Therefore, marketers need to focus on providing customers with these necessary elements in order to increase the chances of customer satisfaction.
Lastly, there is product concept marketing myopia. This occurs when a marketing firm fails to analyze the most appropriate selling model for a given product or service. Instead of looking at the possible benefits of the product or service, marketers often focus on selling the product or service as fast as possible. This myopia results in selling products or services that do not match the potential benefits that consumers may receive from using them.
In general, marketing myopia leads to selling consumer goods that do not meet the desired needs of consumers, which leads to increased customer dissatisfaction. Furthermore, the increased level of dissatisfaction leads to lower levels of productivity and sales. To overcome marketing myopia, marketers must incorporate a variety of marketing concepts in their campaigns. These marketing concepts should include maximizing sales potential through various marketing techniques, maximizing sales frequency, addressing customer needs, providing a compelling selling proposition, creating a good selling image, and addressing product or service shortcomings.