Marketing & Market Types

Marketing is a study of markets. Market needs an exchange.

Sellers' market:

• Seller has the market and has all the power. Buyers come to you.
• Focus on the company, product.
  
• Sell as much as you can.
• Profitability comes from volume.
• Market share becomes a business objective.

Buyer's market:

• Buyer has the power, there are many producers competing for a buyer's attention.
• Marketing: focus on the customer and competition.
  
• Look what customer wants and deliver what they want.
• You can't focus on every customer.
• Segment your customers.
• Profitably comes from coming value to the customer, where customers want the premium for.
• Customer share becomes a business objective.
• Develop customer loyalty

Cross-selling is selling other things beside one specific product. E.g., when buying jeans, sell a belt next to it.

In today's connected world, it is important not only to deliver value to the customer but also the best user experience. Especially, in a buyer's market, where developing customer loyalty is important. 

User experience is a user journey that includes also experiences before and after transaction.

Customer trust: offer authentic genuine customer value.

Discipline - reduced costs.

3 principles of Marketing:

• Principle of Customer Value. Offer real genuine customer value.
• Principle of Differentiation. You have to provide value better than the competition.
• Principle of Segmentation, Targeting, and Positioning. You can't deliver value to all. Choose your customer and deliver what's best for them.

4 P's of Marketing:

• Product. What the seller puts into an exchange.
• Place. Method of distribution, e.g. physical store, online store.
• Promotion. The way the seller communicates the benefits of the product, e.g. advertising.
• Price. What the buyer puts into an exchange.