Question

What are the approaches to marketing strategies? Explain shortly

Answer 1

Answer:

First, the marketing strategy needs to be in line with the product objective. Second, the nature and size of the market analysis should be clearly established on the basis of market analysis and market measurements. Finally, managers must understand what kind of competitive advantage and level of marketing expenditure will be necessary to achieve market success.

Answer 2

Answer:

There are four different approaches to the study of marketing. These approaches explain clearly the mechanism and concept of marketing. These approaches are Commodity Approach, Institutional Approach, Functional Approach and Decision Making Approach.