Seller’s market: Focus is on the product and improving your product. You have a product and customers come to you. You sell to anyone who wants your product, and profit comes from volume and reduced cost. You earn a little from everyone.
Buyer’s market: Focus on customers and competitors. Lots of product and choice in the market. You sell to a chosen and defined market, and profit comes from premium price, customer loyalty, and cross-selling (considering what else your customers may need).
Because of connected community, you must deliver an experience. Customers will spread the word. Must focus on authentic, genuine customer value over time and experience. You will measure your customer experience success via social media, word-of-mouth referrals and buzz surrounding your company.
Three principles of Marketing
- Customer value
- Segmentation, targeting, positioning
Four P’s of Marketing
From: Coursera.org & Wharton, University of Pennsylvania (Marketing 101)