Marketing concept begins with a well-defined market, focuses on customer needs, coordinates all the marketing activities affecting customers or buyers, and makes profits by creating long-term customer relationships based on customer value and satisfaction. Customer focus and value are the path to sales and profits. Approaches to the study of marketing are many.
In commodity approach of marketing we study the flow of a certain commodity and its journey from producer to consumers or buyers. We can have a complete picture of the field of marketing. Institutional approach focuses on the marketing institutions or agencies like wholesalers, retailers, transport undertaking , banks, insurance companies etc who generally participate in discharging their marketing responsibilities during the movement of distribution of goods.
Functional approach attention is draw towards specialized services or functions or activities performed by the marketers.
System approach is a set of interacting or interdependent components or groups coordinated to form a uniformed whole and organized marketing activities to accomplish a set of objectives, we have the objective, inputs, processors, outputs and feedback.
Finally decision making or management approach combines some features of the commodity, institutional, functional approaches and seek to relate them from the decision making view point. Areas of marketing decisions are marketing organizations, product, distribution, policies, pricing , advertising and personal selling.
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