Product Focused Marketing

So, in the seller's market, what marketing tends to be is what we call 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 in that product, you should try to reduce cost and you should really focus on the product. 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. Selling as much as you can. In the past when we've studied product focus market, we've shown that profitability is tied to market share. So market share becomes your business objective. And why does market share increase profitability? Because the bigger your market share, the more your revenues. And the bigger your market share, and your 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 you're product focused, where do you get growth? Will you develop new products based on your product experience or you go to new markets? That's product focused marketing.