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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.