- The earliest definitions described marketing as an organization function, and set of processes that were used by the organization to create values for the customers. This value is then exchanged by the customers with the organization in the form of monetary rewards. The definition also states that it is also a process that benefits the stakeholders. The definition changed a little in the years to come and it was simplified to the process of bringing products to the market or the consumers to co create value for both the parties (Lusch). However in 2013, the definition was changed to the fact that it is an activity that leads to offering of products to the consumers and customers, clients and other partners (AMA). All these definitions are similar in nature. All these definitions recognize the importance of mutual value for the customers and the marketers and all these definitions agree that the marketing is an organizational function. The difference in these definitions is that some definitions consider marketing to be beneficial for stakeholders, while others believe that it is only beneficial for the producer and the customers.
- All three definitions are linked in the fact that they consider marketing to be beneficial for both the customers and the producers/marketers of the goods and services. It is beneficial for the customers, as they get their needs fulfilled by using the products and services. It is beneficial for the suppliers, producers and marketers, in terms of monetary benefits and profitability that they earn from the selling and marketing the products and services. These mutual benefits for both the parties are a driving force that guides the marketing efforts and marketing process. The process of marketing has move from product centered to consumer centered. In earlier days products were developed and produced hoping that they will sell. However, with the passage of time marketers decided that they need to take into account what customers want before deciding what to produce. Hence, the modern role of marketing has changed from taking the already manufactured products to the consumers to asking the consumer what they want, and then taking the products that consumers want to them. This change in marketing has been experienced by companies through the world. For example, new features in smart phones are added to meet the customer’s expectations.
In 2007, the book defined the marketing as a function of an organization to make more sales, and create mutually beneficial relationships with the customer. However, in 2009, Lusch in his article changed the approach of marketing from consumer centered to product stating that the purpose of marketing is to bring the product to the market, and bringing the supplier and buyers together. This definition again changed in the year 2013, when AMA describe marketing as a customer-centered process which leads to mutual relationship and benefits of the buyer and seller. This discussion tells us that the process of marketing has evolved from consumer centered, to product center, and again to consumer centered.
Ama.org,. 'Definition Of Marketing'. N.p., 2014. Web. 22 Nov. 2014.
Lusch, R. 'Marketing’S Evolving Identity: Defining Our Future'. Journal of Public Policy & Marketing2.3 (2007): 262-268. Print.