Marketing, as defined by the 2004 American Marketing Association (AMA), is an organizational function and 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. It's viewed as a complex, intertwined system, where consumer actions are influenced by both internal factors (like rationality and biases) and external environments.
The classic "Four Ps" have fundamentally transformed into customer-centric concepts:

• Product is now about Customer Value and Sense of Identity, moving beyond mere function to focus on perceived worth, emotional connection, and personal identity (e.g., luxury bags, iPhone cases).
• Price has become Customer Cost and Service, influenced by willingness to pay and quality perception (higher prices sometimes signal quality), with exceptional service exponentially justifying higher costs and fostering loyalty (e.g., hot pot chain service, WOW Prime's recovery).
• Place emphasizes Convenience and Speed, ensuring effortless, anytime, anywhere access and rapid delivery, though consumers may irrationally prioritize "free shipping" over speed.

Ultimately, managing customer relationships is a dynamic and continuous process, akin to a "love bank," requiring sacrifice and balance, which is crucial for an organization's long-term survival and reputation.

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