According to the American Marketing Association's New Definition of Marketing

Essay

According to the American Marketing Association's new definition of marketing, "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." The previous definition was, "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." In what ways is the new definition of marketing more expansive than the previous definition? How is the more expansive definition of marketing related to the marketing concept?