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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
•Society’s 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
•Marketing’s 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 earth’s 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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