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Lecture

Week 1 - Marketing
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Department
Marketing
Course
MKT 100
Professor
Marla Spergel
Semester
Winter

Description
Chapter 1The 4 Ps in marketing y Product y Promotion y Price y Place How Marketing Creates ProsperityThe first principle of wealth creation is that progress happiness and wealth comes from the value that technological innovation adds in use eg electric cars over gasoline drive The second fundamental principle of wealth creation is that trading exchanges create addedvalue and wealth We call this the Smith Principle after Adam Smith who used the principle in his famous An Inquiry into the Nature and Causes of the Wealth of Nations argument for global freetrade Schumpeter Wealth Creation Principle The second fundamental principle of wealth creation is that trading exchanges create addedvalue and wealth We call this the Smith Principle after Adam Smith who used the principle in his famous An Inquiry into the Nature and Causes of the Wealth of Nations argument for global freetrade It is explained in the following exampleTwo individuals X and Y meet X has 10 Units of A in his possession and ownership and Y has 10 units of B in his posses
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