5 Approaches you should consider to design an effective marketing plan

Focus of the week- Business
Topic- 5 Approaches you should consider to design an effective marketing plan
Writer- Iyere Joy

There are basically five approaches to the study of marketing, these include managerial approach, commodity approach, functional approach and scientific or technological approach. These approaches are adumbrated below devoid of unnecessary technicalities.

The managerial approach
This approach emphasize the managerial function prosecuted or performed by marketing managers, the development of principles or generalizations that help in fathoming and improving man agreement in marketing and the creation of theories based on these principles along with business experience, are micro oriented towards profits sales and cost reduction.

Commodity approach
This approach divided goods into consumer and industrial goods meant for different purposes. Its also emphasized the analysis of the movement of good from the producer to the ultimate consumers on a commodity basis. The marketing patterns of these goods vary with the nature of the product and with difference in marketing , buying habits e.c.t. Although commodity approaches have much in common, the selection and organization of material and the sequence of study differ with the commodity classification being investigated.

Functional approach
Three group of function are commonly distinguished under this approach
i) Exchange functions which involve the transfer of title eg buying and selling
ii) Physical supply functions which provide for the physical supply of goods e.g transportation, warehousing and storage.
iii) Facilitating functions which galvanize the flow of goods or title e,g financing, risk taking, standardization, grading etc.

Classical or institutional
This dwells on the consideration involved in transferring titles to good, institutions that perform marketing functions. It identified the difference type of middlemen and facility institutions involved in getting good and services across to consumers.

Scientific or technological approach
This is reflected in the decision theory and mathematical tools.it analyses and expresses marketing problem and decision as mathematical models.