Definition of Macromarketing
The concept of Macromarketing can be defined as the marketing policies, strategies, and objectives that have an influence on the society and the economy of the nation as a whole. The various specialists and professionals in the field of Macromarketing conduct thorough and dedicated research on the mutual effects that the marketing systems and society have on one another.
The theory and approach of Macromarketing mainly focus on the 4P’s of marketing strategy that are Product, Price, Promotion, and Place. All of them help to create the need and demand for the goods produced by the firms and to be sold to the consumers and figure out its effects on the economy of the nation.
Meaning of Macromarketing
Owing to the growing dynamism of the business environment and the changing preferences of the consumers in the market, the brands try to reach to their potential customers through various marketing and promotional mediums.
Right from the use of the traditional and conventional mediums to the connecting with the target audience through the various social media platforms and digital marketing initiatives; the firms are leaving no stone unturned to tap their target audience.
Marketing activities have a huge impact on the lives of the consumers and the way they react to things around them. It also signifies how the individuals and the various brands interact with the environment and the entire society.
The concept of Macromarketing has to be for the good of the public and society as a whole as it harps upon the various values of the society. Hence, it has to carry forward its ideas and innovations of marketing the goods and services that are consistent with the norms and values of the society.
The theory of Macromarketing is quite crucial and valuable in nature as it lays its impetus on the vital understandings that how the various individuals of the various societies innovate, adapt, and learn.
Some of the academic professionals that research on the aspects of Macromarketing work on the assumption that the area of Macromarketing focuses on the conscience and intricacy of the marketing. And some of them believe that the value of Macromarketing primarily lies in its sheer objectivity.
It has its main focus on how society distributes the goods and services to the consumers in the market. Also, how marketing strategies are having an impact on global arenas.
The concept and the overall study of Macromarketing go an extra mile by focusing on the role of advertisements and promotional strategies on the children and youth of the nation. Also, how marketing is solving social issues and various taboos.
Is the packaging of the product having any harmful effects on the environment? Is there product lifecycle sustainability? Are the resources optimally utilized?
The entire research area of Macromarketing is quite a high level in its approach as it lays its focus on the patterns of consumer behaviour. It goes beyond the concepts of logistics and demand and supply of the products in the market.
The strategic efforts of Macromarketing are planned and designed to improve on the aspects of mass consumption of the products rather than the individual levels of consumptions.
The Macromarketing Strategy includes
- To create the mass demand for goods and services in the market
- Design and create the packaging that is environmental friendly in nature
- Curate and execute the advertising and marketing campaigns that focus on how the product or service offerings meet the needs and demands of the society as a whole.
Macromarketing v/s Micromarketing
The concept of Macromarketing is often compared with Micromarketing. The concept of micromarketing mainly focuses on what the brands are planning to manufacture and how are they planning to promote them in the market and what will be the price points of the products.
As a marketing strategy, the concept of micromarketing focuses on the smaller group of the target audience rather than the whole society as compared to the Macromarketing. It filters down the details of the target audience on the parameters such as job title and postal code amongst others. Even the campaigns are planned with a narrowed down approach.
4 Components in the strategy of Macromarketing
#1 Advertising and Promotions:
Even whilst planning the advertising and promotional campaigns for the product and service offerings, the concept of Macromarketing targets the larger target audience and not just a specific target market or individuals. It plans and strategies to reach the largest possible target audience. And answer questions such as:
- Is there a 360 degree media and marketing plan in place using all of the traditional and modern platforms?
- What are the companies doing to promote their products to a larger set of audience?
- Are promotional campaigns catering to the entire society?
- Are the advertising and marketing techniques hurting the sentiments of the society?
#2 Features of the products:
The concept of Macromarketing harps on the fact that the features and attributes of the products should cater to the larger set of the target audience and society as a whole. It answers questions such as:
- What are the vital features and attributes of the product?
- Does it solve the pain area of the consumers?
- Does it have any unique selling proposition?
- Do its manufacturing techniques harm the environment or the ecosystem?
- Does it have a global appeal?
#3 In-Store availability of the product:
The product should be available in all the leading stores where the target audience is able to reach it quite easily. Apart from the physical store, the brands also need to make the product available at the online stores as well owing to the rage of digital media and marketing. It shouldn’t be the case that the product that is highly required by the society and the companies are not able to meet their demands owing to the supply and logistics issues.
Macromarketing takes care of the fact that apart from the packaging of the product being aesthetic and attractive in nature, it should also be environmentally friendly. The material used for the packaging of the product should be reusable and recyclable in nature.
4 Factors that affect Macromarketing
#1 Demographic Factors:
The concept and strategy of Macromarketing are affected by the various demographic factors such as age, gender, income levels, disposable income, occupation, and other such statics and parameters. And the companies and the marketers have to pay astute attention to the same as the product and service offerings need to be designed as per the demography, taste, needs, and choices of the target market.
#2 Economic Factors:
The economic factors that affect the strategy of Macromarketing comprise of purchasing power and spending patterns of the consumers in the market. Also, the financial and economic norms and compliances set by the government such as VAT, TAX, and others also affect. GDP of the nation, inflation, and unemployment also have an effect on the Macromarketing.
#3 Technological Factors:
The brands in the market have to march ahead with the modern and technological advancements in order to come up with the innovative products for the target market. The firms have to constantly and continuously innovate in terms of their product manufacturing techniques, sales strategies, marketing, promotion, and customer service levels.
#4 Political Factors:
The strategy and concept of Macromarketing are also affected by the various political factors such as government authorities, pressure groups, government agencies, and political parties. The case is especially applicable to the developing nations.