Final answer:
The American Marketing Association (AMA) defines marketing as the creation, communication, delivery, and exchange of offerings that bring value to customers, clients, partners, and society. It involves activities like market research, advertising, product development, and customer relationship management.
Step-by-step explanation:
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.
This definition emphasizes the importance of understanding and meeting customer needs and wants, as well as creating value for all stakeholders. It encompasses a wide range of activities, from market research and advertising, to product development and customer relationship management.
For example, a company that conducts market research to identify consumer preferences, develops a new product based on those preferences, and promotes it through advertising campaigns would be engaging in marketing according to the AMA definition.
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