A Reappraisal on Marketing Definition and Marketing Theory

This study examines the definition of marketing and different marketing theories for academic research based on historical literature review. After a comprehensive review on different approaches on marketing definition, the paper gives its own description of marketing, with a highlight on value creation and exchange. The paper also attempts to discuss the possibility that a potential new paradigm of marketing as a science by a value creation theory, which focus on the new role of marketing in value creation during the traditional transaction exchange, with a suggestion that the impact of marketing maybe underestimated.