The American
Marketing Association has redefined the word “marketing,” to reflect
its broader role in society. 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 Association
revisits the definition for marketing every five years in a
disciplined effort to reflect on the state of the marketing field.
