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Essay on Doyle's Definition About Marketing

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“ The centrality of marketing in creating growth and shareholder value suggests a new role for marketing both as a discipline and function… the concept of marketing that will make it more effective in tomorrow’s boardroom is one of contributing to the creation of shareholder value. It can be defined as follows: Marketing is the management process that seeks to maximize returns to shareholders by developing relationships with valued customers and creating a competitive advantage.
Doyle, P., (2000), Valued-Based Marketing, Chichester: Wiley, p29.
By reference to academic literature, critically evaluate Doyle’s definition of marketing. Indicate how a company could apply this definition to create and manage its marketing …show more content…

In 2004, the American Marketing Association (AMA) defined marketing as 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 (Marketing News,2004). Marketing is described as a process that is performed within an organization; it is one of functions in organization and leads to a model of “mutually beneficial exchange” between provider and customer. Furthermore, AMA gave another definition of marketing in 2007 that 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 (Marketing News, 2008). While the 2004 AMA definition focuses on the significance of stakeholders and customers, the 2007 AMA definition notes the importance of society at large to marketing (Balmer, 2011). Marketing is considered as an organization’s vital options regarding to products, markets, marketing activities and marketing resources in the creation, communication or delivery of products that offer value to customers in exchanges with the organization (Rajan, 2009). In the past, the the function of marketing in many firms often has little strategic role, being relegated to public relations (PR), advertising or sales

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