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.
