Strategic Marketing Basics

The marketer’s notion of market differs from that of the economists...

 

The latter defines the market as the interaction between supply and demand.

 

In marketing, market is defined as the group of customers or potential customers to whom the supplier may have access. The group of “suppliers” will be called “industry” or “sector”.

 

The terms “customer” and “supplier” themselves will also be used in their broadest senses, even when found in situations involving non-profit marketing. For example, an NGO carrying out a fund-raising campaign will be called a “supplier” and we will call the audience it addresses their “customers”, even it the word "customer" may be taboo to some people in some circles.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

In a marketing system, exchanges and transactions take place between an industry (sector) and a market: products and services are made available to the market in exchange for a sacrifice, frequently financial, and communication is sent from suppliers to customers who, in turn, send information to the industry.