The Economist Magazine provides a classic definition of marketing as “a complex art. Technology has increased the potential for brands globally: Social Media Marketing Thesis, TUD, Ireland

The Economist Magazine provides a classic definition of marketing as “a complex art. Technology has increased the potential for brands globally. The fragmentation of audiences and rising costs of television and print marketing have made other media attractive.” Over the past 50 years marketing has developed into a defined discipline with accepted frameworks and models.

The last decade of the twenty-first century has seen changes that caused a major redefinition in the role and concept of marketing, both in theory and in practice; customers are more demanding, the way in which brands and products have changed is radically different, payment and distribution systems have become digitalized and market spaces themselves have become global. Due to this some academics, refer to these changes as “marketing’s midlife crisis”.

The dominating perspective in the field of marketing for nearly 50 years has been widening and generic marketing concepts. The obscurity in that theory has hampered the development of a generic marketing concept. Kolters’ conclusions are widely recognized, both historically and currently.

The broadening marketing approach, according to Kotler & Levy, was first applied to all businesses and then to all persons. Marketing was broadened to include all aspects of social commerce and human contact under the generic idea. This is further proved through the following definition, “Marketing is a social and management process through which individuals and organizations achieve what they need and want by generating and exchanging value with others,” according to Kolter.

Marketing as defined by Aabroe et Al. is “the strategic business function that creates value by stimulating, facilitating and fulfilling customer demand.” This is carried out through the building of brands, nurturing innovation, developing relationships, creating good customer service, and communicating benefits.

A more recent definition according to the American marketing association adds to Kolter’s findings “Marketing is the activity, group of entities, and procedures for developing, conveying, providing, and exchanging value-added offerings for consumers, clients, partners, and community as a whole.”

According to the aforementioned definitions of marketing, it is a critical role of every organization, both long and short term. Kotler’s definition is broad and can be applied to a variety of situations, such as personal or business. In contrast to the American Associations of Marketing’s concept, which is more defined and bureaucratic. However, it is obvious that organizations that generate value in order to form a truly gratifying, lucrative relationship with the company show that marketing is a crucial instrument for an organization to communicate messages to its current or potential consumers.