Date: 01-16-2008
A new definition of marketing has been released by the American Marketing Association (AMA), replacing the old definition being taught so far in textbooks and university lectures. The new definition describes the discipline thus: “Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.” Aimed at grasping the diverse role played by marketing today, the new definition replaces the earlier description that read, “Marketing is an organizational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders.” The definition of marketing is reviewed every five years by AMA to recognize the changes that take place in the field.
