What are the various approaches of studying marketing?
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There are four different approaches to the study of marketing---
(1) Commodity Approach or Product Approach:
This approach refers to the study of a product in detail. The marketing situation of each product chosen for study is examined from such viewpoints as sources and conditions of supply, producer marketing organisations, policies, different middlemen and one who take part in distributing the product.
(2) Institutional Approach:
This approach relates to various marketing institutions viz., wholesalers, retailers etc., engaged in marketing. In applying this approach, a thorough study with regard to a particular middleman is undertaken. For example, in retailing, nature and significance of retailing in terms of functions and services performed and rendered by retail institutions like departmental stores, multiple shops, mail order houses etc.
(3) Functional Approach:
As the very name suggests this approach comprises of the study of various activities or functions performed in the process of marketing of goods and services. It analyses each function in relation to the importance of its performance.
Various marketing functions are buying, selling, financing, transportation, banking, risk bearing, market information etc. By analysing and studying every function in detail and problems confronted in the performance of each function, it is possible to understand marketing properly.
(4) The Decision Making Approach:
This approach is of vital importance from the viewpoint of marketing management. Various decisions are taken at every level of management. In successful marketing, decision making occupies an important place. The marketing manager should be very expert and competent in his job so that he takes proper decisions for marketing the goods and services.
《《HOPE IT HELPS YOU PLEASE MARK BRAINLIEST ANSWER 》》
There are four different approaches to the study of marketing---
(1) Commodity Approach or Product Approach:
This approach refers to the study of a product in detail. The marketing situation of each product chosen for study is examined from such viewpoints as sources and conditions of supply, producer marketing organisations, policies, different middlemen and one who take part in distributing the product.
(2) Institutional Approach:
This approach relates to various marketing institutions viz., wholesalers, retailers etc., engaged in marketing. In applying this approach, a thorough study with regard to a particular middleman is undertaken. For example, in retailing, nature and significance of retailing in terms of functions and services performed and rendered by retail institutions like departmental stores, multiple shops, mail order houses etc.
(3) Functional Approach:
As the very name suggests this approach comprises of the study of various activities or functions performed in the process of marketing of goods and services. It analyses each function in relation to the importance of its performance.
Various marketing functions are buying, selling, financing, transportation, banking, risk bearing, market information etc. By analysing and studying every function in detail and problems confronted in the performance of each function, it is possible to understand marketing properly.
(4) The Decision Making Approach:
This approach is of vital importance from the viewpoint of marketing management. Various decisions are taken at every level of management. In successful marketing, decision making occupies an important place. The marketing manager should be very expert and competent in his job so that he takes proper decisions for marketing the goods and services.
《《HOPE IT HELPS YOU PLEASE MARK BRAINLIEST ANSWER 》》
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