The American Marketing Association (AMA) provides a formal explanation of the process by which organizations create value for customers and build strong customer relationships in order to capture value from customers in return. This articulation serves as a foundational understanding for marketing professionals and academics alike, outlining the core activities involved in the discipline. The concept encompasses researching, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.
Its significance lies in establishing a common ground for understanding marketing’s role in business and its broader impact. It helps organizations align their efforts toward satisfying customer needs and building brand loyalty. Historically, this understanding has evolved alongside changes in technology, consumer behavior, and economic conditions, constantly adapting to reflect the dynamic nature of the marketplace. Its principles remain a valuable benchmark for effective marketing practice, guiding strategy development and resource allocation.