| Marketing |
| Key concepts |
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Product / Pricing / Promotion |
| Promotional content |
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Advertising / Branding |
| Promotional media |
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Printing / Publication / Broadcasting |
Marketing myopia is a term used in marketing as well as the title of an important marketing paper written by Theodore Levitt. In popular usage "marketing" is the promotion of products especially Advertising and Branding However in professional usage the term has a wider meaning of Product marketing deals with the first of the "4P"'s of Marketing, which are Product, Pricing, Place, and Promotion. Pricing is one of the Four p's of the Marketing mix. The other three aspects are product promotion and place. Promotion involves disseminating information about a product, Product line, Brand, or company Distribution (or place) is one of the four elements of Marketing mix. A service is the non-material equivalent of a good. A service provision is an economic activity that does not result in Ownership, and this is what differentiates Brand management is the application of Marketing techniques to a specific product, Product line, or Brand. Marketing effectiveness is the quality of how marketers go to market with the goal of optimizing their spending to achieve good results for both the short-term and long-term Market research is the process of systematically gathering recording and analyzing data and information about Customers, Competitors and the Market A marketing strategy is a process that can allow an organization to concentrate its limited resources on the greatest opportunities to increase sales and achieve a sustainable competitive Marketing management is a Business discipline focused on the practical application of marketing techniques and the Management of a firm's marketing resources Market dominance is a measure of the strength of a Brand, product, service, or firm, relative to competitive offerings Advertising is a form of Communication that typically attempts to persuade potential Customers to Purchase or to consume more of a particular Brand A brand is a collection of Images and ideas representing an economic producer more specifically it refers to the descriptive verbal attributes and concrete symbols such as a Direct marketing is a sub-discipline and type of Marketing. There are two main definitional characteristics which distinguish it from other types of marketing Product placement, or embedded marketing, is a type of Advertising, in which promotional Advertisements placed by marketers using Public relations (PR is the practice of managing the flow of Information between an Organization and its Publics Public relations - often referred Publicity is the deliberate attempt to manage the public's perception of a subject Sales promotion is one of the four aspects of Promotional mix. An underwriting spot is an announcement made on Public broadcasting outlets especially in the United States in exchange for funding Printing is a process for reproducing text and image typically with ink on Paper using a printing press To publish is to make content Publicly known. The term is most frequently applied to the distribution of text or images on paper or to the placing of content For the band see Broadcast (band Broadcasting is the distribution of audio and/or Video signals which transmit Out-of-home advertising (also referred to as OOH) is essentially any type of Advertising that reaches the consumer while he or she is outside the home (or office Internet marketing, also referred to as web marketing, online marketing, Internet advertising, or eMarketing, is the Marketing A point-of-sale display (POS is a specialized form of Sales promotion that is found near on or next to a checkout counter (the "point of sale" Promotional items or promotional products refers to articles of merchandise that are used in marketing and communication programs Digital Marketing is the practice of promoting products and services using digital distribution channels to reach consumers in a timely relevant personal and cost-effective manner In-game advertising ( IGA) refers to the use of Computer and video games as a medium in which to deliver Advertising. Word of mouth, is a reference to the passing of Information by verbal means especially recommendations but also general information in an informal person-to-person In popular usage "marketing" is the promotion of products especially Advertising and Branding However in professional usage the term has a wider meaning of Theodore Levitt (b March 1 1925, Vollmerz Main-Kinzig-Kreis, Germany &ndash d [1][2] This paper was published in the Harvard Business Review; a journal of which he was an editor. Harvard Business Review is a general Management Magazine published since 1922 by Harvard Business School Publishing, owned by the Harvard
Some commentators have suggested that its publication marked the beginning of the modern marketing movement. Its theme is that the vision of most organizations is too constricted by a narrow understanding of what business they are in. It exhorted CEOs to re-examine their corporate vision; and redefine their markets in terms of wider perspectives. It was successful in its impact because it was, as with all of Levitt's work, essentially practical and pragmatic. Organizations found that they had been missing opportunities which were plain to see once they adopted the wider view. The paper was influential. The oil companies (which represented one of his main examples in the paper) redefined their business as energy rather than just petroleum; although Royal Dutch Shell, which embarked upon an investment program in nuclear power, subsequently regretted this course of action. The energy industry is a generic term for all of the industries involved the production and sale of Energy, including Fuel extraction manufacturing The petroleum industry includes the global processes of exploration, extraction, refining, transporting (often by Oil tankers and pipelines Royal Dutch Shell plc, commonly known simply as Shell, is a multinational oil company of Dutch and British origins Nuclear power is any Nuclear technology designed to extract usable Energy from atomic nuclei via controlled Nuclear reactions
One reason that short sightedness is so common is that people feel that they can not accurately predict the future. While this is a legitimate concern, it is also possible to use a whole range of business prediction techniques currently available to estimate future circumstances as best as possible.
There is a greater scope of opportunities as the industry changes. It trains managers to look beyond their current business activities and think "outside the box". George Steiner (1979) claims that if a buggy whip manufacturer in 1910 defined its business as the "transportation starter business", they might have been able to make the creative leap necessary to move into the automobile business when technological change demanded it.
People who focus on marketing strategy, various predictive techniques, and the customer's lifetime value can rise above myopia to a certain extent. A marketing strategy is a process that can allow an organization to concentrate its limited resources on the greatest opportunities to increase sales and achieve a sustainable competitive In Marketing, customer lifetime value (CLV lifetime customer value (LCV or lifetime value (LTV and a new concept of "customer life cycle management" This can entail the use of long-term profit objectives (sometimes at the risk of sacrificing short term objectives).
Other Similar Terms
Kotler and Singh (1981) coined the term marketing hyperopia, by which they mean a better vision of distant issues than of near ones. Baughman (1974) uses the term marketing macropia meaning an overly broad view of your industry.
Notes
References
- Baughman, J. (1974) Problems and performance of the role of the chief executive, working paper, Graduate School of Business Administration, Harvard University.
- Kotler, P. and Singh, R. (1981) "Marketing Warfare in the 1980s", Journal of Business Strategy, winter 1981, pp 30-41.
- Steiner, G. (1979) "Strategic Planning: What every manager should know", The Free Press, New York, 1979.
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