M1WhatisMarketing

M1WhatisMarketing - Welcome to MKT100 Module 1 WHAT IS MARKETING WHAT IS MARKETING Peter R Dickson ©Backbone Press 2009 This is all we have All we

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Unformatted text preview: Welcome to MKT100 Module 1 WHAT IS MARKETING? WHAT IS MARKETING? Peter R. Dickson ©Backbone Press 2009 This is all we have. All we will ever have. Space-ship earth. Using her resources the best way we can today and tomorrow is our sacred responsibility. The Big Picture The Big Picture The answer is ever better innovation and diffusion of new products and services that better use scarce resources, and do not destroy the Commons: our common air, common water, common values and common good. The Big Picture The Big Picture The Big Picture The Big Picture Marketing is the business discipline responsible for innovation and diffusion of innovation processes. The one discipline taught in Business Schools that teaches product and brand development processes’ best practice, customer relationship and service best practice, and supply chain best practice. Before we discuss the practice of profitable marketing, we apply fundamental economic theory to explain why superior marketing is so important to the future of the Earth, the future of North America and, for that matter, every nation. The following is just one example… The Big Picture The Big Picture Marketing and Humanity Marketing and Humanity Between 1935 and 1965, the infant death rate around the world decreased by 90% as a result of the world-wide diffusion of antibiotics. The efficient diffusion system that developed created a new world-wide market so everyone, everywhere could have access to the new drugs. The result was a world-wide increase in life- expectancy of 10 years. MKT100 Marketing and Humanity Marketing and Humanity Great innovation and great diffusion of the innovation. It is one of the most successful meeting-a-need marketing success stories ever told and that will ever be told: the invention, development, branding, advertising, selling, pricing, distribution and after sales-servicing of antibiotics. It is the practice of profitable marketing at its best. MKT100 Prosperity and Wealth Creation Prosperity and Wealth Creation The first principle of wealth creation is that progress, happiness and wealth comes from the value that technological innovation adds in use: e.g., electric cars over gasoline driven cars. MKT100 Schumpeter Wealth Creation Principle Schumpeter Wealth Creation Principle This value that technological innovation (large or small) adds in use is called the Schumpeter Principle, after economist Joseph Schumpeter who called it “creative destruction”. So what is Marketing? Marketing is responsible for the product development process and the direction of research and development that creates such innovation and creative destruction. MKT100 The Smith Wealth Creation Principle The Smith Wealth Creation Principle The second fundamental principle of wealth creation is that trading exchanges create wealth. We call this the Smith Principle after Adam Smith, who used this principle in his famous book An Inquiry into the Nature and Causes of the Wealth of Nations , as an argument for global free- trade. It is explained in the following example....
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This note was uploaded on 09/25/2010 for the course MKT 100 taught by Professor Gibbs during the Spring '09 term at Ryerson.

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M1WhatisMarketing - Welcome to MKT100 Module 1 WHAT IS MARKETING WHAT IS MARKETING Peter R Dickson ©Backbone Press 2009 This is all we have All we

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