Correct Answer - Option 3 : Systems approach
The Systems Approach is one of the approaches to study marketing.
Systems Approach:
- There are different departments and sub-departments in every organization.
- Each of these systems and sub-systems is important in there own way. The systems approach tries to integrate each of these individual systems and sub-systems to achieve the ultimate organizational objectives.
- It is defined as " a set of objects together with the relationships among them and their attributes". Hence, the main purpose of a systems approach to marketing is to develop the inter-relationship between different systems and sub-systems.
- The departments like production, human resource, finance, etc need to be integrated into one unit together.
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Financial Approach:
- The financial approach tries to measure the value of a business in terms of the market value it possesses. This approach focuses on the amount of payback a marketing organization is able to fetch with the help of the most popular cost approach.
- It compares the value of an organization with other similar organizations. It is basically used to value the organization, not used for marketing purposes.
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Cultural Approach:
- The cultural approach focuses on the culture that every organization creates with the help of interaction among individuals.
- This approach is generally attributed to communication which flows due to the individual differences among members of the organization.
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Governance Approach:
- The governance approach is a theory followed in public administration.
- This theory believes that the complexity of an organization can be balanced by the virtues of learning, cooperation, and innovation.
- This approach tries to balance the stakeholder's confidence by creating good and valuable governance in every organization.
From the above discussion, it can be concluded that the correct answer is Systems Approach. Hence, the correct answer is Option 3.
