Marketing is a crucial element for all businesses and industries. Successful marketing campaigns increase brand and product awareness among target customers and entice people to take action, such as make a purchase. Micro and macro marketing are two different marketing theories used to develop a marketing strategy.
Macro marketing refers to the big-picture concept of marketing. It examines the social effect of marketing, as well as the flow of products and services into an economy and whether those products benefit society in some way. Macro marketing helps determine who will develop a product, such as a company; how much of a product will be developed by a company based on consumer needs or market demand; who the product is for, such as a specific market segment or demographic; and when it will be released in the market based on production time, seasonality and customer demand.
Components of Macro Marketing
According to marketing experts E. Jerome McCarthy and William D. Perreault, Jr., there are eight essential components of macro marketing: buying, selling, transporting, storing, standardization and grading, financing, risk taking and market information. Buying is the action consumers take to acquire a product, while selling is the action companies take to sell the product to a consumer and make money. Transporting is the action of moving a product so consumers can access it, while storing is the action of keeping a product accessible when consumers need it. Standardization and grading refers to organizing products by size and quality, while financing refers to funding product launches. Risk taking refers to the need to deal with market uncertainties, while market information is the market data companies use to market products to the right people at the right time and place.
While macro marketing is all about theory and big-picture concepts, micro marketing refers to specific marketing activities and campaigns. Micro marketing is also sometimes referred to as marketing management or niche marketing. It is the process of marketing a product to a specific segment of a society, population or culture. Micro marketers identify a specific collective need of a target audience, and use that need to convey a message that entices people to buy a product. For example, if you sell swimming pools in a hot region of the country, you use people's desire to stay cool to help sell your pools.
Macro and micro marketing have a symbiotic relationship; neither would have much of a purpose without the other. For example, micro marketing refers to specific campaigns or actions marketers take, but they could not take those actions without financing or market information to determine the needs or their target audience. Similarly, macro marketing would be pointless without micro marketing. There is no point to collecting data and examining the effects of marketing on a society without the actual implementation of marketing activity.
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