Asked by Gurleen Kaur Sidhu on Jul 04, 2024
Verified
Discuss the different views or interpretations of marketing as a function of business, including the AMA's 2007 change in the definition of marketing. Why do you think the AMA changed the definition?
Interpretations of Marketing
The various ways in which marketing activities and philosophies can be understood or explained.
Definition of Marketing
involves the activities, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.
- Comprehend the evolution of marketing definitions and the significance of these changes.
Verified Answer
AS
Amrin SinghJul 09, 2024
Final Answer :
Many people, especially those not employed in marketing, see marketing as a function of business. As a business function, the goal of marketing is to connect the organization to its customers. Other individuals, particularly those working in marketing jobs, tend to see marketing as a process of managing the flow of products from the point of conception to the point of consumption. A final way to think about marketing relates to meeting human and social needs. This broad view links marketing with our standard of living, not only in terms of enhanced consumption and prosperity but also in terms of society's well-being. The AMA changed the definition of marketing to better reflect the realities of competing in today's marketplace. The new definition stresses two critical success factors in marketing today: value and customer relationships. Whereas the former definition of marketing had a decidedly transactional focus, the new definition emphasizes long-term relationships that provide value for both customers and the firm.
Learning Objectives
- Comprehend the evolution of marketing definitions and the significance of these changes.
Related questions
Businesses That Emerge as Winners Are Those That Have Been ...
According to Peter Drucker, the Two Basic Functions of Business ...
Describe How Marketing Has Evolved into a Major Business Function ...
In Which Era of the Marketing Evolution Did Firms Begin ...
Janie Is Looking to Open a Cupcake Shop ...