The presentation explains how there has been a change in the definition of marketing from 1995 to 2004 with an addition of value co creation in the definition.

1. Implications of the Revised Definition of
Marketing: From Exchange to Value Creation
By- Group 7
Section B
(PGDM 2016-2018)

2. 1985 2004
Marketing is the process of
planning and executing the
conception, pricing, promotion,
and distribution of goods, ideas,
and services to create exchanges
that satisfy individual and
organizational goals.
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.
From Exchange to Value Creation

3. The Limits of Exchange and the Merits of Value Creation
1985 2004
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In a producers market, the manufacturers do not emphasis on the value that
a customer would expect from a product, but instead they emphasis on
selling their products and producing more for the purpose of making
profits.
Nowadays producers have become more consumer centric and lay more
emphasis on creating value for the product instead of just focusing on
exchange. Manufacturers have started introducing more services to their
customers like after sale services to ensure that customers are more satisfied
with their products.

4. Value Co-creation
In value cocreation, value is cocreated by the firm and the consumer. The implication is that value cocreation is more than
decomposing a process and shifting part of the work to the consumers. Extending the value creation paradigm further, the need
for and desire of actors to cocreate value preempts and supersedes the need for exchange. Success of the value cocreation
process relies heavily on customers’ efforts and involvement. Thus, value cocreation effectively leads to greater interdependence
among the main actors (consumers and producers), which in turn builds trust and sustains relationships.

5. Conclusion
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.
(Approved July 2013)
As we can observe, over the 9 years, value co creation
has not been added to the definition of marketing by
AMA. Collectively we don’t criticize this, because
value co creation is still an aspect that many companies
are still not taking part in. it took value about 19 years
to be added into the definition