What is the new definition of marketing?

In defining marketing to provide value to customers, vendors and society in general, the new definition implies that the role and responsibility of marketing is to provide value in general terms. At first glance, this definition may seem a bit cumbersome, especially compared to some of the more concise marketing definitions in textbooks. Probably the best definition of marketing to consider is the one published by the American Marketing Association. However, let's analyze this definition to better understand the broad concept of what marketing is.

While many textbooks have their own definition of marketing, the American Marketing Association is truly the primary body for marketing professionals and therefore reflects current perceptions and understanding.