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1. Recently AMA redefined what marketing is. Their new definition is as follows:
"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."

Do you agree or disagree with this definition? Is marketing more than only promotion? Why? Do you think marketing creates value for society? How?

2. Why is the focus of marketing strategy on the identification and selection of target markets? Why is it critical for marketers to divide consumers into market segments in order to achieve marketing success? How does this fit with the idea of the marketing mix? What are the challenges marketers might face in applying the marketing mix if the marketers didn't segment the market?

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This explanation provides you a comprehensive argument relating to Marketing

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1. Recently AMA redefined what marketing is. Their new definition is as follows:
"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."
Do you agree or disagree with this definition? Is marketing more than only promotion? Why? Do you think marketing creates value for society? How?
yes, I agree with this definition. The definition is comprehensive and includes the activities, institutions, and processes. Very importantly, the definition focuses on the value created by marketing for consumers.
Marketing is more than mere promotion. Marketing begins with the process of customer need identification, developing products that can satisfy customer needs, launching such products, pricing them appropriately, distributing them so that they reach the customers that need those products and then promote the products.
Marketing creates value for society. Marketing begins by creating value for its ...

Solution provided by:
Hatim Baxamusa, MBA
Education
  • BSc , University of Calcutta
  • MBA, Eastern Institute for Integrated Learning in Management
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