Minutes of the Meeting

November 27,2013, Wednesday The Following were discussed: 1) Encapsulation of Chapter 1 1.a) Introduction to Marketing 1.b) Trends of Marketing 2)Definitions of Marketing: 2.a) Marketing is the application of Marketing mix variables to achieve/improve customer satisfaction. Mix Variables a)Product b)Price c)Promotion d)Place 2.b)Marketing is Maximizing the elements according to Kutler, a more western and capitalistic approach. a)Maximizing Consumption b)Maximizing Life Quality c)Maximizing Customer Choice d)Maximizing Customer Satisfaction 3) Main objective of Marketing is Selling to achieve Net Profit through customer satisfaction. 4)Value Derivation: comes from the usefulness of the product, usually relating to the products effect on time, money or energy consumption of a particular task. 5)Marketing is important for negotiations for exchange 6)Exchange system Evolution Barter System Gold exchange system Monetary System 7) A countrys reserved money are usually Gold or any precious metal or material

By:Erwin James C Rosales

C-120312