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Lecture

Module 1

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Department
Marketing
Course
MKT 100
Professor
Brynn Winegard
Semester
Winter

Description
Module 1 Section 1 what is marketing -Marketing is the business discipline responsible for product innovation and the diffusion of innovation processes that satisfies customers and creates profits, capital and prosperity. Marketing is about customers, processes and profits. The history of civilization is the history of trading and trading is marketing. The modern marketer must have both process thinking and political skills. -in order to survive in a market a product needs to have quality and price variance across the market, few products and services are the best buy most are not. -marketing has gotten a bad reputation from advertising that promotes a product to be greater then it actually is. ex medication advertisements like diet pills and wrinkle creams -although the U.S. is leading with an economy worth 14 trill, Asia is now where all the cation is growing 6-12% a year over the last decade Section 2 The history of trading and wealth creation -"why is it that you white people developed so much cargo (goods) and brought them to New Guinea, but we black people had little cargo of our own" -Yali -Guns, Gems and steel by Professor Jared Diamond, the history of last 13000 years inspired by yalis famous quote. He explains that societies that prospered and came to dominate were lucky to start off in environments with the right materials. - history is about these dominant societies conquering less developed cultures and bringing there technology and trading with new colonies then bringing the trades back home -hunter gatherers1950s rows of valves, iPod>walkman -Joseph Shump 20th century austrian economist theorized on creative destruction effects on innovation: marketing of creative new innovations destroys the markets for old innovations Smithian Growth - comes from the created value, not from the invention itself but the trade of the inventions, Adam smith - the more scamp growth the more smithian growth, circle/cycle of growth -only last 200 years that world trade served middle-class markets and then mass markets because of reduced cost of global transportation -17th century expensive global transportation, 250 years later innovations in global transportation and communication have created a global market place that has more than doubled in the last 10 years, raising prosperity and quality of human life -the lower the cost and higher the reliability of trade flows, the faster the creation o new markets around the world Section 3 Master Traders -although china may be the leading competitor in manufacturing North America has a superb distribution infrastructure -Walmart has contributed significantly to the productivity increase in North Americas economy in the last 10 years -innovations and entrepreneurship in trading and distribution have greatly reduced costs and increased the speed of moving goods around the world over the last 200 years -“Until the roads recovered, economic movement was perforce limited and limping. And it is worth remarking that in many parts of Europe a system of transportation as efficient as that of ancient Rome was not enjoyed until the eighteenth or even nineteenth century.” Section 4 Global Trading Systems Dynamics -The winners in trade are the economists with traders who respond to market forces quickly and well Trading System Dynamics 1 Retailer/distributer discovers a new global source of supply 2 Transaction and communication technology reduces cost. Low labour cost and quality, on time delivery assurance contract makes supplier attractive 3 Retailer develops trading alliance with new source/supplier 4 Sources in existing trading alliances come under pressure to innovate, reduce prices and increase services 5 a) Domestic manufacturing output contracts as profits are owes by global competition or b) Retailer profits increase and consumers prices drop in very price-competitive markets..Retailers and shareholders reinvest profits or invest in manufacturing and services insulated from global competition or leading global competition. Demand increases generally for all goods as a result of falling prices (an
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