Marketing is one the core social mechanisms or processes inherent in any society. The others are production, consumption, and investment. Marketing is the consequence of specialization and the division of labor that are at the heart of economic development. It plays the same critical role [that being as the tread connecting economic development across time] society and business today as it did in the marketplaces of ancient worlds.Marketing is classless with respect to economies. Its core functions are as relevant for the sophisticated economies of developed countries as it is to the simple barter economies of the third world.MKT 327: CLASS TWO“THE INVISIBLE HAND”Theme: Braveheart to the Right StuffPre-Class Tasks:1. Read assigned article “Marketing’s Role in a Global Economy”2. Complete Class one quiz on angelLearning Objectives:1. What is a social mechanism or process?2. The Definition of Macro Marketing3. The Universal Marketing Functions4. The role of Marketing in society5. The role of Marketing in personal successKey Terms:1. Market2. Central Market3. Macro Marketing4. Social mechanism or process5. Economic System6. Market Discrepancies Separations- Quantity - Space- Assortment - Time- Information- Values- Ownership7. Universal Marketing FunctionsBuying SellingTransportation StoringStandardization GradingFinancing Risk TakingInformation accumulation or dissemination Marketing is one the core social mechanisms or processes inherent in any society. The others are production, consumption, and investment. Marketing is the consequence of specialization and the division oflabor that are at the heart of economic development. It plays the same critical role [that being as the tread connecting economic development across time] society and business today as it did in the marketplacesof ancient worlds.Within any economy that is not truly subsistent and individually self-sufficient are certain market discrepancies and separations limiting commerce and eventually economic development that can only be addressed by the universal marketing functions. Marketing is classless with respect to economies. Its core functions are as relevant for the sophisticated economies of developed countries as it is to the simple barter economies of the third world.At the macro level it can be view from a societal perspective: “as the thread tying together all social progress”. Here marketingConnects: What sectors in a society/economy Connects: Howuniversal marketing functionsConnects: Whyenable specializationConnection Results inEconomic Development & Quality of LifeAt the micro level it can be view from a business perspective:“as the engine and frame for all economic activity. Here marketingConnects: What organization with customers/clients Connects: Howthrough marketing mixConnects: Whyenables exchangeConnection Results inorganization’s goals, and customer’s needs being
View Full Document
Unlocking...