Study Guides (238,104)
Canada (114,924)
Marketing (501)
MKT 100 (251)

Module 1

4 Pages
Unlock Document

Ryerson University
MKT 100
Paul Finlayson

MODULE 1 WHAT IS MARKETING? Business discipline responsible for product innovation that satisfies customers and creates profit, capital and prosperity Modern marketer must have both process thinking and political skills Focus on excellence in distribution and customer relationship processes About new inventions in trading that increase product quality, reduce price and increase customer satisfaction, which in turn increases profit THE HISTORY OF TRADING AND WEALTH CREATION Societies that prospered and came to dominate were lucky to start off in environments with right materials and climates to invent and use tools Societys ability to trade rather than raid is crucial to survival, success, prosperity and power Lesson to political leaders: respect, promote, improve, and advance your traders and their trading and marketing skills North America came to dominate world trade not because its traders were so good but because the leadership of other nations was so bad Marketings two drivers of wealth and welfare creation: 1. Schumpeterian growth: comes from intrinsic extra valueutility that technological invention adds in use The marketing of creative new innovation destroys the markets of old innovations 2. Smithian growth: added-value created, not by the invention in use, but by exchange of inventions Increases value, wealth and welfare Virtuous circlecycle effect is the economic growth engine that has propelled civilization forward Innovations of global transportation and communication created global marketplace and is raising the prosperity and quality of life of humanity Increases efficiency of utilization of earths dwindling resources MASTER TRADERS Distribution system in North America leads as the innovator and mass market trendsetter in reducing supply-chain and distribution costs with greater systems control and management of quality and risk Important to be on trade route cross-roads where innovation between economies and cultures inter-mix and turn economies and societies in these great trading hubs into centers of cross-cultural fertilization, innovation, prosperity, enlightenment and power Creates mixing of culture In three to four generations, take advances in distribution for granted, not understanding how to fully react as an economy, society, culture, and species to this new reality
More Less

Related notes for MKT 100

Log In


Don't have an account?

Join OneClass

Access over 10 million pages of study
documents for 1.3 million courses.

Sign up

Join to view


By registering, I agree to the Terms and Privacy Policies
Already have an account?
Just a few more details

So we can recommend you notes for your school.

Reset Password

Please enter below the email address you registered with and we will send you a link to reset your password.

Add your courses

Get notes from the top students in your class.