MGT Notes

Reference: Marketing Management by Kotler Keller 14e (Pg 30)

One way marketers define markets is as groupings of customers. (ex. product markets, demographic markets, geographic markets, labor markets, etc). According to this definition, the sellers consitute the industry and the buyers constitute the market. Sellers and buyers are connected by flows: Sellers send goods, services and communications to the market. The market sends money and information back to the sellers.