Marketing is a complex process that requires a deep understanding of the market and the customer. To gain a better understanding of this process, there are four distinct approaches to the study of marketing: the commodity approach, the institutional approach, the functional approach, and the decision-making approach. The commodity approach focuses on the physical characteristics of a product or service. It looks at how a product or service is produced, distributed, and consumed.
This approach is beneficial for understanding how a product or service is used in different markets and how it can be improved. The institutional approach examines how organizations use marketing to create value for their customers and build relationships with them. This approach is useful for understanding how organizations use marketing to achieve their goals. The functional approach looks at how marketing activities are used to create value for customers, build relationships with them, and increase sales.
This approach is beneficial for understanding how marketing activities are used to reach specific objectives. The decision-making approach studies how decisions are made in the context of marketing. It looks at how decisions are made about products, services, pricing, distribution, promotion, and other aspects of marketing. This approach is helpful for understanding how decisions are made about products, services, pricing, distribution, promotion, and other aspects of marketing. The four P's of marketing (product, price, place and promotion) are an example of a “marketing mix” or the combination of tools and methodologies used by marketers to achieve their marketing objectives.
Knowing the answers to these questions is a work of market research which you can learn more about here. All 4 P's: product, price, place and promotion are important components of your marketing strategy. At the same time, it's a good idea to use some of the other models such as the 5 P's (product, price, place, promotion and people) or the 5 C's (customer, company, competition, collaborators and climate) to create a more comprehensive marketing approach. While each of them reflects certain aspects of the four P's, it also has some unique elements that alter their emphasis on the marketing process. In conclusion, there are four different approaches to studying marketing: commodity approach, institutional approach, functional approach and decision-making approach. Each of these approaches provides valuable insights into how marketers can create value for their customers and build relationships with them.
Understanding these approaches can help marketers develop effective strategies for achieving their goals.