1. Recently AMA redefined what marketing is. Their new definition is as follows:
“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.”
Do you agree or disagree with this definition? Is marketing more than only promotion? Why? Do you think marketing creates value for society? How?
2. Why is the focus of marketing strategy on the identification and selection of target markets? Why is it critical for marketers to divide consumers into market segments in order to achieve marketing success? How does this fit with the idea of the marketing mix? What are the challenges marketers might face in applying the marketing mix if the marketers didn’t segment the market?