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Module 1


Department
Marketing
Course Code
MKT 100
Professor
Paul Finlayson

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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 value/utility 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 circle/cycle 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
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