The American Marketing Association has redefined marketing. Literally.
Previously, marketing was defined as:
Previously, marketing was defined as:
"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."
New definition:
"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 AMA has this to say for the re-definition:
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."
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