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Chapter

Module 1 Notes


Department
Marketing
Course Code
MKT 100
Professor
Paul Finlayson

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Marketing: Module 1
Section 1: What is Marketing?
Marketing: business discipline responsible for product innovation and diffusion of
innovation
Also about doing things quickly, and working through competition
Relates to change and profit
There is quality and price variants across all products
Therefore a few suppliers products and services are best buys, most are not
Marketing not about developing excellence in creating advertising and promotions
that claim the superiority of unproven qualities of products
This is what some pharmaceutical industries have been accused of
Marketing not just about advertising, but also about new inventions that increase
product quality, reduce price, and increase customer satisfaction
Must stay competitive
United States becoming less of a player in the markets and is turning to Asia
If North America maintains leadership in marketing in product and service
innovation, citizens will prosper
Section 2: The History of Trading and Wealth Creation
Prof Jared Diamond: societies that prospered and came to dominate were lucky to
start off in environments with the right materials and climates to invent and use
tools, to develop agriculture and herding
Dominant societies conquering less developed cultures
Today, societys ability to trade rather than raid that is crucial to its survival,
success, prosperity and power
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Bullies, raiders, killers, stood in the way of progress and prohibited the access of the
masses to better and cheaper products and services
For politicians, respect, promote, improve, and advance your traders and their
trading and marketing skills
China example of stiffiling trading among nations. Took a hit
Only reason that North America is on top
Schumpeterian growth: comes from the intrinsic extra value utility that
technological invention adds in use (destroys market for older innovations with
newer ones)
Smithian growth: growth and prosperity effect comes from the added-value,
created not by the invention in use, but by the exchange of inventions first identified
by Adam Smith
Virtuous circle/ cycle: creation of capital and welfare is invested back into further
schumpeterian growth, which creates more Smithian growth
Wealth: created by the dynamic combination of selling, buying and invention
Section 3: Master Traders
Distribution systems in North America know how to move cargo
Walmart top notch
People dont like Walmart because they put the little guy out of business
History shows that cross-cultural is also very important.
Innovation and entrepreneurship in trading and distribution over the last 200 years
have greatly reduced the cost and increased the speed of moving goods (cargo)
around the world
Section 4: Global Trading System Dynamics
Distributor always looking to cut costs, such as switching suppliers
Lower prices and increased spending on improving the quality of their offering leads
to lower domestic manufacturing profitability
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