Approaches to the study of Marketing.pptx

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. Approaches to the study of Marketing Dr. S.P.Sugapriya Associate Professor of Economics E.M.G Yadava Women’s College, Madurai

2. Approaches Product Approach Institutional Approach Functional Approach Decision making Approach Legal Approach Economic Approach

3. Product Approach Under product approach the marketing system is examined for each one of the specific commodities. Specific commodities are selected and they are closely followed to see how it reaches the consumer from the producer. If we want to study the marketing of paddy, we should begin with the study of the sources of supply of paddy, the volume of demand, the mode of transportation, problems of storage, middlemen in the channels of distribution. 3

4. Institutional Approach The institutions engaged in the field of marketing become the focal point of such an approach. There are a number of institutions that are involved in marketing activity. These include manufactures, wholesalers, retailers, transport organizations, warehouses and so on. Hence this approach is also known as Middlemen Approach.

5. Functional Approach 5 In this approach the functions of marketing become the target of study. Each of the functions of marketing namely, buying, Assembling, Selling, Transport, Standardisation , Grading, Storage and Warehousing, Financing, Risk – taking and market information will be analysed . Each function is analysed one after another and its nature , need, importance etc., are ascertained.

6. Decision making Approach 6 Decisions help to find solutions to problems. Problems faced by marketers are caused by both controllable and Uncontrollable factors. The controllable factors include quality, price, cost, profit, production, sales promotion tool. The uncontrollable factors include among others Government policies, competitors actions and suppliers decisions.

7. Legal approach A number of laws have been enacted in India to safeguard the interests of both the buyers and sellers. The sale of goods act, Consumer Protection Act, Essential Commodities Act, Prevention of Food Adulteration Act, Monopolies and Restrictive Trade Practices (MRTP) Act, are some of the laws concerned with marketing. 7

8. Economic approach The economic aspects affecting marketing get priority in such an approach. There are a number of economic concepts like cost, revenue, competition, demand and supply, that affect marketing. There can be a study for example, on the impact of competition on price. 8

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