MKT 100 Study Guide - Final Guide: Yield Management, Psychographic, Price Discrimination
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MKT 100 Full Course Notes
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Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large. Marketing + economics = wealth creation: principle 1: wealth is created by technological. Innovation: called schumpeter principle" creative destruction, marketing incorporates innovation (r&d) toward new products, principle 2: trading exchanges create wealth, sally has 10 apples, jon has 10 oranges, they agree that trading 2 each will make each better off willing. To trade what one has much of for what one has little of: sally: 8 apples, 2 oranges, jon: 8 oranges, 2 apples = both. Happier, healthier, diversified, wealthier: marketing facilitates exchange, transaction, and product. Monopoly/no competition: where there is a single supplier who has control over price, quality and supply. Oligopoly: market dominated by a few suppliers that require very larger investments in equipment or technology.
