Editing Marketing (section)

==Definition==
Marketing is currently defined by the [[American Marketing Association]] (AMA) 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".<ref name=def>American Marketing Association, [https://www.ama.org/the-definition-of-marketing-what-is-marketing/ Definitions of Marketing], approved 2017, accessed 24 January 2021</ref> However, the definition of marketing has evolved over the years. The AMA reviews this definition and its definition for "marketing research" every three years.<ref name=def /> The interests of "society at large" were added into the definition in 2008.<ref>Pomering, A., Noble, G. and Johnson, L., [https://documents.uow.edu.au/content/groups/public/@web/@commerce/documents/doc/uow044913.pdf "A Sustainability Roadmap for Contemporary Marketing Education: Thinking Beyond the 4Ps"], 2008, Accessed 25 January 2021</ref> The development of the definition may be seen by comparing the 2008 definition with the AMA's 1935 version: "Marketing is the performance of business activities that direct the flow of goods, and services from producers to consumers".<ref>Jenny Darroch, Morgan P. Miles, Andrew Jardine and Ernest F. Cooke, [https://www.jstor.org/stable/pdf/40470175.pdf The 2004 AMA Definition of Marketing and Its Relationship to a Market Orientation: An Extension of Cooke, Rayburn, & Abercrombie], Journal of Marketing Theory and Practice, Fall, 2004, Vol. 12, No. 4 (Fall, 2004), pp. 29–38, accessed 25 January 2021</ref> The newer definition highlights the increased prominence of other stakeholders in the new conception of marketing.

[[File:Portrait of Josiah Wedgwood gupjg13 4 ics8nad.tiff|thumb|right|The 18th century retail entrepreneur [[Josiah Wedgwood]], who devised a number of sales methods for his tableware, is "credited with inventing modern marketing" according to the [[Adam Smith Institute]].<ref>{{cite news |title=Josiah Wedgwood, an Industrial Revolution pioneer |url=https://www.adamsmith.org/blog/josiah-wedgewood-an-industrial-revolution-pioneer |access-date=13 June 2024 |publisher=Adam Smith Institute}}</ref>]]
Recent definitions of marketing place more emphasis on the consumer relationship, as opposed to a pure exchange process. For instance, prolific marketing author and educator, [[Philip Kotler]] has evolved his definition of marketing. In 1980, he defined marketing as "satisfying needs and wants through an exchange process",<ref>{{Cite book |last=Kotler |first=Philip |title=Principles of marketing |date=1980 |publisher=Prentice-Hall |isbn=0-13-701557-7 |location=Englewood Cliffs, NJ |oclc=5564799}}</ref> and in 2018 defined it as "the process by which companies engage customers, build strong customer relationships, and create customer value in order to capture value from customers in return".<ref>{{Cite book |last=Kotler |first=Philip |title=Principles of marketing |date=2018 |author2=Gary Armstrong |isbn=978-0-13-449251-3 |edition=Seventeenth |location=Hoboken |oclc=954203453}}</ref> A related definition, from the [[sales process engineering]] perspective, defines marketing as "a set of processes that are interconnected and interdependent with other functions of a business aimed at achieving customer interest and satisfaction".<ref name="Selden 1997">{{cite book|author=Paul H. Selden|title=Sales Process Engineering: A Personal Workshop|publisher=ASQ Quality Press|year=1997|location=Milwaukee, WI|page=23}}</ref>

Some definitions of marketing highlight marketing's ability to produce value to shareholders of the firm as well. In this context, marketing can be defined as "the management process that seeks to maximise returns to shareholders by developing relationships with valued customers and creating a competitive advantage".<ref name="paliwoda-a">{{cite book|last1=Paliwoda|first1=Stanley J.|title=International Marketing – Modern and Classic Papers|last2=Ryans|first2=John K.|year=2008|isbn=978-1-84376-649-0|edition=1st|page=25|chapter=Back to first principles|publisher=Edward Elgar |access-date=15 October 2009|chapter-url=https://books.google.com/books?id=dwZz2eHBCjUC&pg=PA25}}</ref> For instance, the [[Chartered Institute of Marketing]] defines marketing from a customer-centric perspective, focusing on "the management process responsible for identifying, anticipating and satisfying customer requirements profitably".<ref>{{cite web|title=Marketing library resources – content, knowledge databases|url=http://www.cim.co.uk/resources/understandingmarket/definitionmkting.aspx|access-date=16 March 2017|publisher=CIM}}</ref>

In the past, marketing practice tended to be seen as a creative industry, which included [[advertising]], [[Distribution (business)|distribution]] and [[sales|selling]], and even today many parts of the marketing process (e.g. [[product design]], [[art director]], [[brand management]], advertising, inbound marketing, [[copywriting]] etc.) involve the use of the creative arts.<ref>{{Cite book|last=Subin|first=Im|title=Market Orientation, Creativity, and New Product Performance in High-Technology Firms|publisher=Journal of Marketing|year=2004|pages=114–132}}</ref> However, because marketing makes extensive use of [[social sciences]], [[psychology]], [[sociology]], [[mathematics]], [[economics]], [[anthropology]] and [[neuroscience]], the profession is now widely recognized as a science.<ref>{{Cite news|url=https://www.forbes.com/sites/women2/2012/06/05/the-science-of-marketing/#81ce1a97a0a6|title=The Science of Marketing|last=Zhou |first=Julie |work=Forbes |access-date=16 June 2017}}</ref> Marketing science has developed a concrete process that can be followed to create a [[marketing plan]].<ref>{{Cite news|url=http://www.dummies.com/business/marketing/10-steps-to-creating-a-marketing-plan-for-your-small-business/|title=10 Steps to Creating a Marketing Plan for Your Small Business |work=Dummies|access-date=27 September 2017|language=en-US}}</ref>