Question

3. Describe the major approaches of marketing development.

Answer 1

There are four different methods to the study of marketing. These approaches describe clearly the process & concept of marketing.

(1)Product Approach: This approach refers to the study of a product in detail. The marketing situation of each product selected for study is analyzed from such perspectives as sources & conditions of supply, producer marketing organizations, policies, different middlemen (wholesaler’s,retailers etc.) who take part in supplying the product.

(2)Organizational Approach:This approach relates to several marketing business units as institutions like wholesalers, retailers etc., involved in marketing. In employing this approach, a thorough study about a specific middleman is started. For example, in retailing, nature & significance of retailing in terms of functions & services completed & delivered by retail institutions like departmental stores, multiple shops, mail order houses etc.

(3)Activities based Functional Approach:As the very name indicates this approach comprises of the study of several activities performed in the process of marketing of goods & services. It examines each function in relation to the significance of its performance.

It is feasible to underst& marketing properly by analysing & studying every function in detail & problems confronted in the performance of each function,

(4) The Decision Making Approach:This approach is of crucial significance from the viewpoint of marketing management. At every level of management,several decisions are taken. In successful marketing, decision making inhabits an essential place. The marketing manager should be very expert & competent in his job so that he takes proper choices for marketing the goods & services.