The American Marketing Association (AMA) defines marketing as “the activity, set of institutions

The American Marketing Association (AMA) defines marketing as “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.”
Evaluate the strengths and weaknesses of this definition.
Defend how you would change the definition.
Assess whether the definition is clear, accurate, relevant, and current in today’s organizations and society.
Many people think of marketing as only promotion. However, marketing is much more. A common way of understanding the essentials of marketing is using the 4Ps model—product, price, place, and promotion.
Analyze each of the 4Ps and explain how they create value for organizations. Remember, value creation is any type of activity or outcome that will add to the long-term success of the organization. It is more than simply economic value and includes enhancements such as customer good will, employee satisfaction, supplier networks, managerial skills and experience, and ethical or community factors. Creating value can include intangible as well as tangible assets, such as intellectual property and a business plan.
Justify which of the four functions (4Ps) seems to provide the most value to organizations.
Marketing has evolved into a major business function that crosses all areas of an organization. For example, marketing may advise production about how much of the company’s product to make and then may tell logistics when to ship it. Accordingly, marketing influences business practices and it may also have wider influence on society.
Assess the importance of marketing to society.
Evaluate how marketing has changed society.
Analyze how marketing has impacted today’s lifestyle.
A SWOTT analysis helps evaluate current performance and future potential, especially in relation to competitors. Organizations use SWOTT to assess strengths and weaknesses within the organization, threats and opportunities from outside the organization, and trends that might have long-term consequences for the organization and the industry as a whole.
Perform a brief SWOTT analysis on a company of your choice as seen through the eyes of a marketing manager.
Justify some recommendations for overcoming factors that might impede progress of the organization and for taking advantage of factors that could benefit the organization.
Market growth is accomplished by one or more of the following strategies: Market Penetration (increasing market share), Market Development (new markets), Product Development (new products or services), and Diversification (promoting new or expanding existing products to reach a new market). Remember, the diversification strategy stands apart from the other three strategies. The first three strategies are pursued with the same technical, financial, and merchandising resources used for the original product line, whereas diversification usually requires a company to acquire new skills, new techniques, and new facilities.
Assess each of these strategies and provide an example for each category.
Out of the four strategies, choose a strategy that best suits growth in a company of your choice and justify how you would use this strategy.

Sample Answer

Strengths of the definition

The AMA definition of marketing is comprehensive and inclusive. It recognizes that marketing is not just about selling products or services, but also about creating value for customers, clients, partners, and society at large. It also emphasizes the importance of communication and exchange in the marketing process.

Full Answer Section

The AMA definition is somewhat vague and abstract. It does not provide specific examples of how marketing creates value or how it can be used to influence business practices and society.

How I would change the definition

If I were to change the AMA definition of marketing, I would make it more specific and concrete. I would also emphasize the importance of ethics and social responsibility in marketing. Here is a possible revision of the definition:

Marketing is the process of creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large, in a way that is ethical and socially responsible.

Is the definition clear, accurate, relevant, and current?

The AMA definition of marketing is clear and accurate. It is also relevant to today’s organizations and society. However, it is not current in the sense that it does not mention the latest trends in marketing, such as digital marketing and social media marketing.

The 4Ps of marketing

The 4Ps of marketing are product, price, place, and promotion. These are the four main elements that marketers need to consider when developing a marketing strategy.

Product refers to the good or service that is being marketed. It includes the features, benefits, and quality of the product.
Price refers to the amount of money that customers have to pay for the product. It is important to set a price that is fair to both the customer and the organization.
Place refers to the way in which the product is distributed. It includes the channels of distribution, such as stores, websites, and catalogs.
Promotion refers to the activities that are used to communicate the product to customers. It includes advertising, public relations, and sales promotion.

How the 4Ps create value for organizations

The 4Ps of marketing can create value for organizations in a number of ways.

Product: A good product that meets the needs of customers can create value by increasing sales and profits.
Price: A fair price can create value by making the product affordable to customers.
Place: A convenient place to buy the product can create value by making it easy for customers to get the product they want.
Promotion: Effective promotion can create value by increasing awareness of the product and driving sales.

Which of the 4Ps seems to provide the most value to organizations?

The 4Ps are all important, but the one that seems to provide the most value to organizations is the product. A good product is essential for creating satisfied customers and driving sales. However, the other 3Ps are also important for creating value. The right price can make the product affordable, the right place can make it easy to buy, and the right promotion can increase awareness and drive sales.

The importance of marketing to society

Marketing is important to society in a number of ways.

It helps to create jobs. Marketing jobs are some of the fastest-growing jobs in the economy.
It helps to stimulate the economy. Marketing activities, such as advertising and promotion, can help to increase demand for goods and services.
It helps to inform consumers. Marketing provides consumers with information about products and services, so that they can make informed choices.
It helps to create a competitive marketplace. Marketing helps to ensure that businesses compete for customers, which can lead to lower prices and better products.

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