Assignment Topic: AMA Definition of Marketing:
The American Marketing Association sought to transform the traditional view of marketing from its previous definitions, also known as the four P's from: product, promotion, place, and price to creating, communicating, delivery and exchange. Given that the earlier versions of a marketing mix were nouns, the replacement of verbs allows the concepts room for growth. As customers' expectations shift, as lifestyles and technology continue to merge, these active concepts are more appropriate than before because at the center of the marketing mix is value. Marketing is now part of the entire equation as companies bring ideas to the public. Let us explore three of the four concepts:
"Product" was replaced by the term "creating" The transition from viewing products simply as commodities to acknowledging them as creations has reshape the landscape of marketing. Marketers now collaborate closely with various departments within a company to bring a creation to the market. This collaborative effort was exemplified by Apple, where teams of engineers, financi professionals, suppliers, and marketers worked in unison to ensure the readiness of a quality creation. Notably, the reading assignment underscores the pivotal role of marketing in ensuring that the new creation delivers substantial value. Before the Apple Watch made its debut on April 24, 2015, Bloomberg, the market already featured smartwatches. I recall this date vividly as one of my closest friends, an avid iPhone enthusiast, eagerly anticipated its launch coinciding with her birthday. She had been holding onto her worn-out fitness tracking device, eagerly awaiting an upgrade. While Samsung had introduced its own smartwatches two years prior, boasting a round face resembling a traditional digital watch, A enthusiasts, including my friend, opted to wait. They harbored a profound believe that Apple would eventually enter the wearable market, and to them, the wait unquestionably worthwhile. Consequently, the Apple Watch launch not only showcased Apple's commitment to innovation but also highlighted the significance of effective marketing and brand loyalty in shaping consumer preferences and driving demand.