Marketing Term in Business

Marketing

The term – Marketing can be defined as all the activities and processes through which goods/services move through from idea to consumer. It includes many elements such as:

1. Identification of a possible market, selection and development of any product or service.
2. Finalizing the price of the product/service based on market conditions.
3. Defining the distribution strategy, channel and delivery method.
4. Creating a model for segmentation, targeting and positioning strategy for the product.

Marketing is also considered as the mix of elements like Product, Place, Price and Promotion, which are also known as 4Ps of marketing collectively.

And extended and more current concept increases the number of Ps by 3 and adds People, Processes and Physical evidence in the Marketing Mix.

Marketing Myopia: It is defined as the short sightedness (myopia is the medical term used for short sightedness of the human eye) in the marketing efforts of a product or service, due to which a company’s place themselves as product oriented, and not customer oriented.

There are multiple examples present in the world which tell us how various industries failed to make themselves customer centric and their product centric approach almost bled them to death. These include industries like the Railways- which failed to meet the demands of the people, Hollywood- which positioned itself as a movie maker in place of entertainment providers.

It can be argued that the following conditions due to which companies fall prey to Marketing Myopia:

1. The belief that the growth of the industry is somehow guaranteed by increasing population and rapid expansion.
2. The thinking that a product’s inherent nature provides for no room to competitors.
3. Too much belief in cost savings by mass production.

The petroleum industry is an example on how the above conditions hinder growth of a company.