“The organization's marketing task is to determine the needs, wants and interests of target markets and to achieve the desired results more effectively and efficiently than competitors, in a way that preserves or enhances the consumer's or society's well-being.”

Philip Kotler cited in: Morgen Witzel, "First Among Marketers". Financial Times. August 6, 2003.

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Philip Kotler13

American marketing author, consultant and professor 1931

Neil Fligstein (1951) American sociologist

Source: The transformation of corporate control, 1993, p. 300

“Financial markets need to become less, not more, efficient.”

Ha-Joon Chang book 23 Things They Don't Tell You About Capitalism

Thing 22
23 Things They Don't Tell You About Capitalism (2010)

“So far as school education is concerned, many of the assumptions necessary for market efficiency fail, the main problems being imperfect information, imperfect capital markets, and external effects.”

Nicholas Barr (1943) British economist

Source: Economics Of The Welfare State (Fourth Edition), Chapter 13, School Education, p. 318

“The difference between marketing and selling is more than semantic. Selling focuses on the needs of the seller; marketing on the needs of the buyer. Selling is preoccupied with the seller’s need to convert his product into cash; marketing with the idea of satisfying the needs of the customer by means of the product and the whole cluster of things associated with creating, delivering and finally consuming it.”

Theodore Levitt (1925–2006) American economist and professor at Harvard Business School

Source: Marketing Myopia, 1960, p. 10

“A market is a group of buyers and sellers of a particular good or service. The buyers as a group determine the demand for the product, and the sellers as a group determine the supply of the product. Markets take many forms. Some markets are highly organized, such as the markets for many agricultural commodities. In these markets, buyers and sellers meet at a specific time and place, where an auctioneer helps set prices and arrange sales. More often, markets are less organized.”

N. Gregory Mankiw (1958) American economist

Source: Principles of Economics (1998-), Ch. 4. The Market Forces of Supply and Demand; p. 66

“Real economic efficiency implies including all resources that affect sustainable human well-being in the allocation system, not just marketed goods and services. Our current market allocation system excludes most non-marketed natural and social capital assets and services that are critical contributors to human well-being. The current economic model ignores this and therefore does not achieve real economic efficiency. A new, sustainable ecological economic model would measure and include the contributions of natural and social capital and could better approximate real economic efficiency.”

Robert Costanza (1950) American economist

Source: Toward a New Sustainable Economy, 2008, p. 46

“Markets are useful instruments for organizing productive activity. But unless we want to let the market rewrite the norms that govern social institutions, we need a public debate about the moral limits of markets.”

Michael J. Sandel book Justice: What's the Right Thing to Do?

Source: Justice: What's the Right Thing to Do?

“Since in reality the stock market is inhabited by mere mortals, there is no way that the stock market can be efficient in the way that economists define the term.”

Steve Keen (1953) Australian economist

Source: Debunking Economics - The Naked Emperor Of The Social Sciences (2001), Chapter 10, The Price Is Not Right, p. 216

“First, please note that we are not focusing here on target-market characterization. The place most crossing-the-chasm marketing segmentation efforts get into trouble is at the beginning, when they focus on a target market or target segment instead of on a target customer.”

Geoffrey Moore book Crossing the Chasm

Source: Crossing the Chasm, 1991, p. 68

“Markets are social organizations, structured and regulated by more or less well-defined social rule systems.”

Tom R. Burns (1937) American sociologist

Source: The shaping of social organization (1987), p. 125.

“The organization's marketing task is to determine the needs, wants and interests of target markets and to achieve the desired results more effectively and efficiently than competitors, in a way that preserves or enhances the consumer's or society's well-being.”

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Philip Kotler13

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