Marketing and 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.