What concept refers to focusing only on existing wants and ignoring underlying consumer needs?

The concept that refers to focusing only on existing wants while ignoring underlying consumer needs is market myopia. This term describes a narrow-minded approach to marketing that limits an understanding of the broader context in which consumers operate. Companies that exhibit market myopia are often preoccupied with their current products and services, prioritizing short-term gains over long-term customer satisfaction and innovation.

The emphasis on immediate consumer demands can lead businesses to overlook fundamental needs that, if addressed, could inspire significant product development and market growth. For example, a company may concentrate solely on selling a specific product line rather than exploring how to enhance customer experiences or develop new offerings that better meet evolving preferences.

The alternative options do not accurately capture this concept. Market management focuses on overseeing the execution of marketing initiatives; the product concept emphasizes creating products based on quality and features rather than consumer needs; and marketing strategy encompasses a comprehensive plan that considers various market elements rather than only existing wants. Thus, market myopia is the correct term for the phenomenon of neglecting deeper consumer needs in favor of immediate wants.