Chapter 1 notes - What is Marketing? Marketing is not about...

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
What is Marketing? - Marketing is not about developing excellence in creating advertising and promotions that claim the superiority of unproven or non-existent quality and performance. - It is new inventions in trading that increases product quality, reduce price and increase customer satisfaction, which in turn increases profits. - 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. The History of Trading and Wealth Creation - Smithian Growth – Schumpeterian and innovation also feeds economic growth from trade. - The 2 nd growth and prosperity effect comes from the added-value, created not by invention in use, but by the exchange of inventions first identified by Adam Smith. - Marketing + Economics = Wealth Creation - Principle 1: o Schumpeter Principle – Creative Destruction o Marketing incorporates innovation (R&D) toward new products - Principle 2: Trading exchanges create wealth o Sally has 10 apples, Jon has 10 oranges o They agree that trading 2 each will make each better off—willing to trade what one has much of for what one has little of o Sally: 8 apples, 2 oranges, Jon: 8 oranges, 2 apples = both happier,
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 02/27/2012 for the course MARKETING 101 taught by Professor Bryann during the Spring '12 term at Ryerson.

Page1 / 3

Chapter 1 notes - What is Marketing? Marketing is not about...

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online