The American Marketing Association (AMA) just released a new definition for marketing. This is important because marketing is too often recognized as simply an activity—namely advertising—that various entities engage in to win market share. Rather than viewing marketing this way, the process must incorporate an educational dynamic that benefits customers and even the society as a whole. "Marketing is no longer a function—it is an educational process," according to Nancy Costopulos, Chief Marketing Officer of the AMA.
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.”