“What are the various approaches of studying marketing” Elaborate in details ?

There are 4 different approaches to the study of marketing. These approaches explain clearly the mechanism and concept of marketing.

(1) 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 (wholesaler’s 6f retailers etc.) who take part in distributing the product.

(2) Organizational Approach:

This approach relates to various marketing business units as 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) Activities based Functional Approach:

As the very name suggests this approach comprises of the study of various activities performed in the process of marketing of goods and services. It analyses each function in relation to the importance of its performance.

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.

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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.

(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 (wholesaler’s 6f retailers etc.) who take part in distributing the product.

Problems with regard to a particular product are studied in detail under this approach. Products of any nature e.g. agricultural products wheat, rice, maize, etc., industrial products like machine tools, lathe-machines, generators, oil engines, etc., and any other products can be covered under this study. In practice, this approach tends to be repetitive and time consuming.

(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.

Besides wholesalers and retailers, other marketing institutions can be stock exchanges, produce exchanges, banks, regulated markets, etc. In short, it can be said that this approach is applicable on various types of marketing intermediaries.

(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.

The decision is based on two variables which can be classified as ‘uncontrollable’ and ‘controllable’. Uncontrollable’ variables relate to economic, sociological, psychological and political forces which are the basic causes of market changes. On the other hand, ‘controllable’ variables are within the control of the organisation.

These refer to individual firm’s adjustments in prices, products, advertisement and selling policies etc. Both these variables have marked influence on decision making. These variables should be properly interpreted by the marketing manager before taking a decision.

8  mark questions

1.     “What are the various approaches of studying marketing”? Elaborate.

1. Is consumer sovereignty a fact or fiction? Why so? Discuss.

1. Explain the difference between the new and old concept of marketing.

1. Differentiate between mass marketing and target marketing.

1. Explain the advantage and disadvantages of single source and dual source suppliers for Indian market.

1. What do you understand by sales forecasting? Examine critically the different theories on which such forecasting is based?

1. Prepare a marketing plan for a company producing a premium car.

1. “Advertising is nothing but salesmanship in print.” discuss the statement and explain the economics and benefits of advertisement.

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The main approaches to study marketing are as follows:

1. Commodity Approach - Under this approach, the flow of goods from the producers to the consumers is studied. In this study, emphasis is given to production center, involvement of men in selling and purchasing of the products, means of transportation, problems in sale and advertisement of goods, problems in financing, storing and other related matters.

2. Functional Approach - Functional approach of marketing indicates the study of the functions of marketing. Whatever function the marketing performs is called marketing as a whole. Marketing performs exchange function, physical distribution function and other auxiliary functions. The study of these functions is marketing.

3. Institutional Approach - Institutional approach of marketing emphasis to the study of marketing institutions and agencies. Wholesalers, importers, transporters, exporters, business agents, transport organization, banks, insurance companies, finance companies etc. play their roles in marketing by supplying or distributing commodities from producers to the consumers.

4. System Approach - System approach of marketing supposes marketing as a system which includes input, processing, output and feedback. Goods, price, place and promotion are included in input of this system. Environmental effect and buyers' decision are included in processing. Similarly, profits, costumer's satisfaction and social welfare are included in output and the task of sending message asking for redesigning input and processing fall under feedback.

5. Environmental Approach - According to environmental approach, environment affects marketing. So, marketing should be made suitable to the environment by studying and scanning the environment. Environment always becomes dynamic. It changes continuously . So, it also appears both as an opportunity and as a challenge. The environment of marketing can be classified into two types as micro-environment and macro-environment.

6. Managerial Approach - Managerial approach of marketing advocates the scientific management of marketing. This approach gives more importance to the activities of managers and managerial decisions on marketing. This approach gives high priority to goal achievement and emphasizes that the marketing managers should always remain active to achieve the goal. These functions are based on planning, implementation and controlling.

7. Economic Approach - The economic approach of marketing gives emphasis on increase of profit maximization. Buyers and sellers are the important components of marketing. Price of commodities or service is fixed through their interactions and action of selling and buying completes.

8. Legal Approach - Legal approach advocates that marketing should be regularized by laws. All the marketing activities should agree with and remain under control of legal provisions. Acts, rules and regulations, policy, procedure, working process etc. are included in Law. Law restricts to do some works and prior permission should be taken to do some other works.

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