NOTES FOR MARKETING

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Marketing

Essence of marketing is to have very strong brand.

WHAT IS MARKETING?

- studies of a market. A market is an exchange between two partners, frequently a buyer and a seller,but marketing alsi, appplies to non profit or things where there isn't necessarily money being transacted.

-Need for marketing to exist or for market to exist is TO HAVE EXCHANGE.

- Marketing definition varies depends on the function of different aspects of those exchange.

PRODUCTION- focus on company

MARKETING : Focus on customer and Competition

SELLERS MARKET- what marketing tends to be product focus market, You have the product

-if the customers want it, they're going to come to you.

- in that case, you should develop that product to the best of your ability. You should innovate that product, you should try to reduce cost and you should really focus on the product.

-OBJECTIVE-

-Your business objective in a product focused market is to sell as much as you can, and profitability from a product-focused market is going to come from volume. Profitability is tied to market share (gaining market share can be means of profitability.

WHY DOES Market share increase profitability?

- Because the bigger your market share more revenues. And the bigger your market share, our volume, the lower the product cost and hint profitability.

Higher revenues, lower cost, more profit. that's really the goal of a product focused market and when your product focused, where o you get growth? Will you develop new products based on your product experience or you go to new markets?

THAT'S PRODUCT FOCUSED MARKETING

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CUSTOMER FOCUSED MARKETING

- It is not the opposite of product focused, i mean not exactly. It's quite different type of marketing.

- Means that I need to focus on the customer to get that customer to get that customer to buy from me rather than the competition.

WHAT'S THE BEST WAY TO GET THE CUSTOMER TO BUY FROM YOU RATHER THAT FROM THE COMPETITION?

-The best way to do it is to look at what that customer wants, and deliver a product that meets the needs of that customer. So where is in product-focused market, "I'm the expert, and I create the very best product I can based on my expertise.

-In a customer-based market, what I'm going to do is to look at what the customer wants, and try to create product to meet that customer's need.

- Some people call it inside-out--

*inside - product focus

*outside - customer focus

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