Macro-marketing And Its Strategic Components
The modern concept of marketing evolved during and after the industrial revolution in the 19th and 20th centuries. But it was not until the 1930s that companies began to place a greater emphasis on advertising and promoting their products and began striving to tailor their goods to specific consumer needs.
Macro-marketing refers to the overall social process that directs the flow of goods and services from producer to consumer. It is the economic system that determines what and how much is to be produced and distributed by whom, when, and to whom. In contrast, micro-marketing focuses on what the companies plan to manufacture and how are they plan to promote and advertise them in the market as well as decide what the price will be. It focuses on the smaller group of the target audience rather than the whole society as compared to the macro-marketing.
The approach of macro-marketing chiefly centers around the 4P’s of marketing strategy which are Product, Price, Promotion, and Place. All of them help to create the need and demand for the goods produced by firms, to be sold to the consumers and figure out its effects on the economy of the nation. It also evaluates the benefits of these products and services to the society. This approach focuses on unique features such as advertising, product features, in-store availability and the packaging of the products.
Advertising and Promotions
Advertising in macro-marketing targets a larger audience and not just a specific target market or individuals. When planning to widen the target market in macro-marketing, companies need to consider: 1) what other companies are doing to advertise their products to a larger audience; 2) if the marketing strategies having a negative impact on the notions of the society; 3) if promotional campaigns cater for the entire society; 4) and if there is a marketing strategy in place to utilize all the traditional and modern platforms of marketing.
Features of Products
In macro-marketing, the features and attributes of the products should target the larger audience of the society as a whole, not just for specific individuals. Thus, when designing products, producers are actively seeking ways to see that the products can reach a wider audience and when the time comes to market, the same product features will be reiterated to convince potential buyers. Questions that need to be asked include 1) Key features of the product; 2) Unique selling proposition; 3) If it has a global appeal; 4) Does it solve an important need for potential customers; 5) Whether or not its manufacturing is harmful to the environment.
Apart from the product being available in a physical location, it should also be available in leading stores where a larger audience will be able to easily find it. It should also be available at online stores due to the popularity of online marketing. Supply and logistics issues should also not hinder the purchase of the product by customers.
Products need to be attractive in nature as well as environmentally friendly when packaged. Recyclable materials can also be used in packaging the product. Packaging in itself plays a crucial role in affecting a potential customer’s decision in purchasing your products or not. So in macro-marketing, a not-so-good packaging might negatively impact sales.
Macro-marketing plays a vital role in helping businesses and organisations know what to focus on and to help them create an effective marketing strategy. Marketing campaigns that are successful can take your business to the next level and help you reach a wider audience which can eventually help increase your profits significantly.
The Tribe of Brands team can help you stay on top of trends to effectively navigates the complex waters of the internet. Our marketing agency can help you with further ideas of how to design world-class websites, seamless user journeys and digital marketing campaigns.
Contact Us to Learn How