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Lesson 1: Introduction to Marketing / Ethics
1.1. Marketing Defined
No Simple Definition
The definition of marketing is complex and dynamic, impacted by numerous factors that change constantly.
American Marketing Association
The American Marketing Association, which represents marketing professionals, has attempted over the years to define what marketing is.
It continues to evolve.
It is important to note that its definition has evolved over the years to reflect changes in society and technology.
- 1985
- In 1985, the AMA’s definition stated that "marketing was 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."(Lusch, 2007)
- 2004
- In 2004, the definition changed to "Marketing is an organizational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders." (Lusch, 2007)
- Current
- The AMA’s current definition is "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." (2013)
As you might have noticed from these definitions, as well as the video, many decisions are involved in marketing. Some of the decisions include
- paying attention to customers' needs,
- estimating consumer demand,
- predicting where and when customers want your products,
- communicating your product benefits, and
- anticipating competitive responses.