Definition of marketing: Marketing is an organizational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders. (via AMA)
Or: Marketing is the management process responsible for identifying, anticipating and satisfying customer requirements profitably. (via CIM)
The above statements signify a sense of love where marketing seeks to benefit everybody: the customers, the organization and its stakeholders. So why is marketing such a hated industry? Perhaps some marketers have lost sight of love and turned lustful seeking to cheat on their partners spreading their time too thinly. Or maybe clients and agencies are being too lazy in the relationship, yet still expecting unconditional love back. Perhaps they may even be getting jealous of others and lashing out through illogical manners.
Perhaps it’s a matter of trust. Given that marketing seeks to benefit everyone, the Pareto Coordination Game which seeks to maximise the benefits of everyone should apply. However, as trust continues to dissolve we end up in a Prisoner’s Dilemma.
By the way…
Definition of advertising: The placement of announcements and persuasive messages in time or space purchased in any of the mass media by business firms, nonprofit organizations, government agencies, and individuals who seek to inform and/ or persuade members of a particular target market or audience about their products, services, organizations, or ideas. (via AMA)