Author: Grønholdt Lars Martensen Anne
Publisher: Westburn Publishers Ltd
ISSN: 1469-347X
Source: The Marketing Review, Vol.5, Iss.2, 2005-06, pp. : 101-109
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Abstract
This paper discusses the new definition of marketing, which was unveiled by the American Marketing Association (AMA) in the autumn of 2004. Compared to the former AMA definition from 1985 there are significant changes; now it is explicitly emphasised, that marketing is also an "organisational function", and that it is about "delivering value to customers" and "managing customer relationships in ways that benefit the organisation and its stakeholders". Apparently, the definition has been brought up to date according to recent years' recommendations in academic research. The paper also presents two studies among managers in USA and Denmark. They show that top marketing challenges are experienced within the framework of the new definition, thus the definition is at the cutting edge of practice and shows the way to managing marketing better. In the light of the new definition and the presented studies, finally, directions for future research are discussed.
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