Referential approach to meaning. The common feature of any referential approach is that meaning is in some form or other connected with the referent (object of reality denoted by the word). In The meaning is formulated by establishing the interdependence between words and objects of reality they denote. So, meaning is often understood as an object or phenomenon in the outside world that is referred to by a word.Functional approach to meaning. In most present-day methods of lexicological analysis words are studied in context; a word is defined by its functioning within a phrase or a sentence. The meaning of linguistic unit is studied only through its relation to other linguistic units. So meaning is viewed as the function of a word in speech.
The meaning of a word though closely connected with the underlying concept is not identical with it.