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PRINCIPLES OF MARKETING, 3 types - Coggle Diagram

- - - - TO be a successful element of the industry you must be able to understand the patterns within your market
    - - Paying attention to the clients and audience, assuming the competition is satisfying all of consumers' needs and being bale to raise that standard which can include increasing engagement with clients
  - - - New and innovative companies that align with your product line but reserving it with more advantages like tech, design or even marketing
    - - Big companies that stay in exactly the same line in product as your company with no reforms or innovations
        
        Example: Kodak films -> Instead of being aware od the technology rising, they worried for big competitors like Polaroid or Fuji that stayed within the same line and then companies like Canon, Nikon or Sony taking over the film industry
  - - - In order to benefit the audience in ways no other company has
        
        If this is done correctly there can be a higher profit due to the higher cost because of its exclusivity on the market
- - - - Within one company various strategies may be used
  - - - Next to come in this position, and trying to out do the market leader to increase their market share
    - - A firm that want to stay stable and within their lane, slowly increasing at their own pace, must be able to keep their current clientele and attract new buyers
    - - The business inside a specific industry with the greatest market share
    - - It provides for smaller segments that get ignored by bigger chains