Relationship between marketing concept and marketing myopia?

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It involves the use of marketing information to establish plans that will both guaranteecustomer need satisfaction and also fulfil the objectives of the company …. => Read more

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Decisions made by entities adopting this concept are based on the needs of the consumers and the strategies employed by the competitors. Unlike …. => Read more

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Answer: “Relationship between marketing concept and marketing myopia?”

‘Marketing myopia’ is a term coined by Theodore Levitt. A business suffers from marketing myopia when a company views marketing strictly from the standpoint of selling a specific product rather than from the standpoint of fulfilling customer needs.
What is marketing myopia? Marketing myopia is when a business focuses on short-term marketing strategies. Over time, this can lead to reduced performance, and it’s usually better to focus on long-term growth strategies. By focusing on the future, companies can adjust to customers’ needs and can plan for market changes.
Marketing research is a broad term that encompasses the process of gathering and understanding data about your customers, demographics and business climate. Marketing strategy involves putting the information discovered through marketing research to work.
The situation where a company has nearsightedness and inward looking in a approach to marketing the company needs is called as marketing myopia. It defines the company in terms of the need and wants of the customers and so it results in the failure to adjust to the changes in the markets.

How is the marketing concept related to marketing myopia?
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What is the marketing concept and what is its relationship to marketing research?
What is marketing myopia What are the short and long term implication for business in this situation?

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