The American Marketing Association (AMA), the world’s largest marketing professional organization, defines marketing as “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.” This definition encompasses four key entities: activities, institutions, processes, and offerings.
Understanding the Best Structure for American Marketing Association’s Definition of Marketing
The American Marketing Association (AMA) has evolved its definition of marketing over the years, refining it to keep pace with the changing landscape of business and consumer behavior. Here’s a breakdown of the latest version, adopted in 2013:
1. 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.”
2. Key Elements
- Activity: The actions involved in marketing, such as planning, research, and communication.
- Institutions: Organizations and individuals involved in marketing, such as businesses, marketers, and intermediaries.
- Processes: The steps and sequences involved in marketing, such as market research, product development, and distribution.
- Offerings: The products, services, or experiences that are marketed.
- Value: The benefit or worth that offerings provide to customers and other stakeholders.
3. Target Audiences
Marketing is not just about selling products to consumers. It also involves creating relationships with other stakeholders, including:
- Customers: Individuals or organizations who purchase or use offerings.
- Clients: Individuals or organizations who hire marketers to provide services.
- Partners: Collaborators in marketing efforts, such as joint ventures and suppliers.
- Society: The broader community that is affected by marketing activities.
4. Purpose of Marketing
The ultimate goal of marketing is to exchange offerings that have value for all stakeholders. This includes:
- Creating: Developing new products or services that meet customer needs.
- Communicating: Informing and persuading customers about offerings.
- Delivering: Making offerings available to customers in a convenient and efficient way.
- Exchanging: Facilitating transactions between buyers and sellers.
Question 1:
According to the American Marketing Association, what is the definition of marketing?
Answer:
The American Marketing Association defines marketing as 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.
Question 2:
How does the American Marketing Association define marketing in terms of its purpose?
Answer:
The American Marketing Association views marketing as a means for creating value for various stakeholders, including customers, clients, partners, and society as a whole.
Question 3:
What is the essential element of marketing, according to the American Marketing Association’s definition?
Answer:
The American Marketing Association’s definition of marketing emphasizes the creation of value as the core element of marketing activities.
Well, there you have it, folks! The American Marketing Association’s definition of marketing. It’s a mouthful, but it’s the official word on what marketing is all about. We hope this article has helped you understand the basics of marketing and how it can help you grow your business. Thanks for reading, and we hope you’ll visit again soon for more marketing insights.