The process of marketing can be described in many ways and each in its context can be considered to be reasonably accurate. But the American Marketing Association, a prime body of professionals in the field attempts to define and redefine the term at intervals so that the real meaning is always contemporary. The latest definition is given here.Chicago, IL (PRWEB) January 14, 2008 -- 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."
"One of the most important changes to American Marketing Association's new definition for marketing is that marketing is presented as a broader activity," says Nancy Costopulos, Chief Marketing Officer of the American Marketing Association. "Marketing is no longer a function -- it is an educational process."
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."
The American Marketing Association revisits the definition for marketing every five years in a disciplined effort to reflect on the state of the marketing field. This process, as laid out in the Association's bylaws, is guided by a committee whose members represent a cross-section of the marketing industry. The committee formed in late 2006, under the leadership of Donald R. Lehmann, the George E. Warren Professor of Business at Columbia Business School in New York.
The committee used qualitative insight generated through an evaluation of the 1985 and 2004 definitions of marketing to craft a new definition that better serves the constituents of the American Marketing Association. As part of this process, Association members were asked to provide input on what they liked best about the previous definition, and what they would change. Members were later asked to offer feedback on a draft of the revised definition. At the end of the revision process, the American Marketing Association found that more than 70 percent of their membership viewed the new definition as an improvement.
"Marketing and its various elements change with the times," says Costopulos. "American Marketing Association recognizes that shifts in the marketing world warrant a change in the way we define our practice.
The committee used qualitative insight generated through an evaluation of the 1985 and 2004 definitions of marketing to craft a new definition that better serves the constituents of the American Marketing Association. As part of this process, Association members were asked to provide input on what they liked best about the previous definition, and what they would change. Members were later asked to offer feedback on a draft of the revised definition. At the end of the revision process, the American Marketing Association found that more than 70 percent of their membership viewed the new definition as an improvement.
"Marketing and its various elements change with the times," says Costopulos. "American Marketing Association recognizes that shifts in the marketing world warrant a change in the way we define our practice.
Contributed By:
Prof. P. Guha
(Globsyn Business School)
