Sunday, January 09, 2005

New Definition of Marketing
Supports Contextual Marketing

The American Marketing Association has rewritten its official definition of marketing. The old one was focused on the 4P’s and it left a lot to be desired. "Marketing," the AMA once said, "was the process of planning and executing conception, pricing, promotion and distribution of goods, ideas and services to create exchanges that satisfy individual and organizational goals."

The new definition of marketing was announced at the AMA's Educator's Conference this past August: "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."

The 4P’s was a useful toolset, but as a definition for marketing, it was far short of being useful. The new definition shifts marketing from a departmental function to a corporate function. This makes everyone in the company responsible for creating and retaining customer relationships … everyone in the company works for marketing. At most companies, there are miles to go before this becomes reality. Adopting contextual communications is at the heart of the transition.


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