ABSTRACT
Frederick E. Webster, Jr. contended that the historical marketing management function, based on the microeconomic maximization paradigm, must be critically examined for its relevance to marketing theory and practice. Service-dominant model that viewed economics in terms of discrete and collective relationships among specialized service providers exchanging services with other specialized services providers. G-D model describing economics in terms of the demand and supply of 'goods' to which consumer's attribute an abstract property of utility or value. A demand function for a good represented the aggregation of consumer's utility curves for the good. A supply function for the good represented the aggregation of firm's cost curves for that good. Economic science provided the foundation for marketing thought and the impetus for its development. As production moved out of the household and into the factory, consumer and producer were separated. The emergence of the total quality management (TQM) framework placed customer's perception of quality as a prime driver of production techniques.
