Tuesday, January 15
****** RED ALERT ****** RED ALERT ****** RED ALERT ***** The American Marketing Association Releases New Definition for Marketing
The American Marketing Association today unveiled the new definition of marketing, which will be used as the official definition in books, by marketing professionals and taught in university lecture halls nationwide.
The new definition includes the role marketing plays within society at large, and defines marketing as a science, educational process and a philosophy -- not just a management system. It also expands the previous scope of the term to incorporate the concept that one can market something to "do good."
The new definition reads:
"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."
The previous definition stated:
"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."