Implications of the Revised Definition of Marketing: From Exchange to Value Creation

The distinctive difference between the 1985 and the 2004 American Marketing Association definitions of marketing is the lack of exchange. In the new definition, a focus on creating and delivering value through customer relationships replaces the historical focus on the exchange paradigm. The authors welcome this change and discuss its implications, the limits of the exchange paradigm, the merits of value creation, and the future paradigm for marketing.