In the past, marketing was defined as the “process of planning and executing the conception, pricing, promotion
In the past, marketing was defined as the “process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods and services to create exchanges that satisfy individual and organizational goals.” (Marketing, page 4) Other definitions of the marketing process include references to value, customers, and stakeholders. The American Marketing Association updated the definition of marketing. The most recent definition approved in October of 2007 by the AMA 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.” http://www.marketingpower.com/AboutAMA/Pages/DefinitionofMarketing.aspx The key term in this definition is value. Customers look for value in goods and services. Companies must work to create perceived value – value in the products offered and value in the entire shopping experience. A company must work very hard to form a lasting relationship with its customers. Sound marketing processes deal with getting and keeping customers, and result with those customers referring new customers to the company. In our increasingly competitive global market place, the marketing process becomes extremely important.