I Pencil

what_is_marketing_1.ppt

Two ways people can interact *

Nearly everything you possess

Was produced and delivered to you without the force of government
Thousands and millions of people acting in their own interest deliver to you the things you want
The Invisible Hand

To understand marketing

One needs to understand the free market
Example of the free market in action: The Jungle Café. The color of money
Example of when the Invisible Hand was not present: Rosa Parks versus government transportation monopoly
With the free market you have it your way

Marketing

Marketing = individuals acting in their own self interest*

One can think of marketing as individuals acting in their own self interest to provide products and services to others *

I Pencil demonstrates that when individuals act peacefully in their own self interest they help others

This creates peace, prosperity, wealth, productive jobs and harmony among nations and improves the quality of life for all*

The Invisible Hand *

Thousands, millions, and billions of individuals cooperating, transacting, working together, buying and selling
Acting in their own self interest to improve the quality of their lives
In doing so they make the lives of other people better
Marketing uses persuasion, government uses force

How does a free market bring prosperity *

It allows every producer and seller to respond to what his customers want
In a voluntary transaction by definition both parties are better off
This happens without central planning, without politicians and bureaucrats telling people what to do

If it ain’t broke don’t fix it

Free trade

We will get by with a little help from our friends

Milton Friedman, Johann Norberg, John Stossel, Ludwig von Mises, David Ogilvy, and Alan Greenspan

This is freedom of speech class

Students are encouraged to state their opinions during class or during personal meetings with the professor. Papers and presentations are for documentation not opinions.
Students are encouraged to ask questions
Lively discussion is encouraged
Students can challenge the professor
Politely and respectfully of course
Grades not determined or influenced by your opinions

Marketing is an art not a science

That is the professor’s opinion
That is not a documented fact
In this course opinions will be defined as opinions and facts will be defined as facts
Documentation is very important

Class objective

Course teaching methods

Questions about assignments, tests, topics, grades ask your questions during class.
Questions about your grades must be asked privately-during office hours not in the classroom
Grades are not discussed by email
To introduce you to resources that you may be unaware of; not to read from the book.

Why study Marketing?

Most of the problems of the world would be solved by a proper understanding of marketing
A bold statement? Perhaps…stay tuned…….
You can use marketing to make your life happier and more successful

Principles of marketing

There are so many aspects of marketing we cannot cover all of them in this course
Approach to some topics may astonish you
Goal is to broaden your horizons and raise your sights, to challenge you intellectually
The educated person understands things the uneducated does not and is therefore generally more successful in life