In 2007, the American Marketing Association (AMA) issued a new definition of marketing as follows: 'Marketing is the activity, set of institutions, and processes for creating, communicating, delivering and exchanging offerings that have value for customer, clients, partners, and society at large.' Discuss briefly how this definition of marketing relates to the creation of value in marketing. Explain how marketers can use the customer lifetime value concept to identify customers with which to build longer term relationships.