Full Answer Section

• Exchanging offerings with customers: Marketing is about exchanging offerings with customers for value, such as money, time, or information.

The AMA definition also recognizes that marketing is not just about selling products and services to customers. It is also about building relationships with customers and other stakeholders, such as clients, partners, and society at large.

Strengths of the AMA definition:

• The definition is comprehensive and covers the key elements of marketing.
• The definition is customer-centric, focusing on creating and delivering value for customers.
• The definition is stakeholder-centric, recognizing the importance of building relationships with customers and other stakeholders.

Weaknesses of the AMA definition:

• The definition can be seen as too broad and vague.
• The definition does not explicitly mention the role of technology in marketing.
• The definition does not explicitly mention the importance of social responsibility in marketing.

How I would change the definition:

I would add the following to the AMA definition of marketing:

• Using technology to connect with customers and deliver value.
• Acting in a socially responsible manner and considering the impact of marketing activities on society.

Is the definition clear, accurate, relevant, and current in today’s organizations and society?

The AMA definition of marketing is generally clear, accurate, relevant, and current in today’s organizations and society. However, it is important to note that the field of marketing is constantly evolving, and the definition may need to be updated periodically to reflect new trends and developments.

Overall, the AMA definition of marketing is a good starting point for understanding the key concepts and principles of marketing. However, it is important to keep in mind that the definition is not perfect and may need to be adapted to fit the specific needs of an organization or industry.