Macro marketing

From CEOpedia | Management online

The macro marketing examines the influence of marketing activities and organisations on societies. In a society where marketplaces, marketing companies, and their constituencies are increasingly intertwined, macro marketing is a crucial tool for analysing the potential and limitations of marketing and its anticipated good and unexpected negative benefits. A substantial study is conducted on the different market sectors and processes to attain this aim. Considering that such methods originated throughout the barter trade period and specialisation, it is thought that macromarketing is as ancient as civilisation.

Macro marketing and the need

Moreover, Fisk as a sole contributor to the field of macro marketing, notes that a change in macro marketing's emphasis has indeed begun, just without the involvement of micro marketers, as a result of globalisation, consumption, and technology [1]. Consequently, it is imperative for macro marketers to steer this transition towards an internationally cohesive society. Despite relatively fundamental interactions between purchasers and sellers or company-to-customer connections, macro marketing is concerned with significant, consequential concerns. It indicates that macro marketing has a positive outlook since it pursues logical ways to improve marketing initiatives to satisfy the most significant group of stakeholders worldwide. Likewise, Francis proposed that macro marketing is a multifaceted construct that pertains to the investigation of marketing tactics, the influence and consequences of marketing tactics on societal structure, and the influence of societal structure on marketing techniques[2].

However, the word micromarketing is comparatively new; many of the earliest studies on marketing might likely be deemed macro by most marketing professionals. Micromarketing is firm-focused, while macro marketing examines marketing in the broader context of the market structure, with a focus on its aggregate performance[3]. For quite some time, macro marketing has served as a viewpoint for investigating sustainable practices. Typically, consumers and marketing teams do macro marketing studies on economies and processes that influence market research. Macromarketing is a crucial instrument for tackling marketing and societal concerns. It attempts to explain both the challenges and possibilities that marketing presents. The objective is to improve marketing policy and controls to boost productivity.

Macro marketing impact

The significance of shifting the emphasis of market analysis from maximising consumer loyalty and corporate profitability to self-sustaining consumption/business by illustrating the long-term effects of economic globalisation. Besides considering economic globalisation's socio-economic advantages, one must equally address its social consequences like economic disruptions, poverty, environmental deteriorations, social disorder, and reduced longevity. Consequently, the new approach of macro marketing places the viability of global demand above any other social progress concerns. Communication across disciplines is essential to expand macro marketing expertise beyond existing bounds. Leveraging understanding produced by different fields is one part of interdisciplinary communication. The second part of public attention is the active dissemination of macro marketing information to those around so that macro marketers may promote the advancement of theoretical and empirical studies. Without an outward emphasis, it might be impossible to transmit to certain other scientific fields the eradicating impacts of nourishing technologies on inequality, sickness, and ecological degradation.

Macro marketing and the contemporary world

Because of rapid globalisation and business transformation, the concept of macro marketing has gained pace. Most businesses and marketing experts have also envisioned the fact that macro marketing practices in the coming decades will have a significant impact on the overall business environment and societies. According to Izagirre-Olaizola, it has been elucidated that macro marketing practices have been able to redefine marketing practices with a greater emphasis on green marketing practices [4]. As a subset of macro marketing, green marketing practices have been found to have a dual impact on businesses and societies. In particular, macro marketing scholars have examined the effects of the transaction on bilateral entities and their environments, reactions to consumerist cultures, like anti-consumerism, social responsibility, and unstructured exchange systems, and organisations of the Fairtrade movement.

Significance of macro marketing

Macromarketing concentrates primarily on the market in its entirety, with increased attention on centralised exchanges instead of on individual accounts. Organisations that wish to remain competitive and innovative and comprehend how their market research actions will affect civilisation in its entirety must use macro marketing. Macromarketing assesses the reality that various elements of society have distinct demands and requirements. To develop an effective marketing plan, an organisation that intends to promote a product via macro marketing should comprehend these various demands and goals. In addition, macro marketing studies how cultural shifts will affect marketing techniques across the future, including how people's needs and wants may evolve due to technological advances or other external causes. Whereas attempting to build an organisation, macro marketing may assist companies in comprehending the demands and desires of various market groups, navigating the political context, and ensuring social conscience. Moreover, given the prevailing business situation, a macro marketing approach is a proven approach for businesses to enhance their operational competencies since it fosters an environment-centric marketing approach.

In short, macro marketing has a long history and complex architecture, but the approach is proven to impact overall marketing practices substantially. Furthermore, the constructs of macro marketing emphasise that macro marketing in the current business world is imperative for reviving sustainable marketing management practices since macro marketing culminates into a collective outcome focusing on societal and environmental wellbeing, which ultimately enhances business wellbeing. Furthermore, a macro marketing management approach will not only improve business profitability and performance but will also enhance the societal impact of such businesses. In conclusion, it can be argued that macro marketing has become a pressing need for contemporary firms because eco-friendly businesses are proven to be more effective in attracting and retaining customers.

Examples of Macro marketing

  • Strategic planning: This entails assessing the external environment to determine the most effective marketing strategies for a given product or service. Companies use macro marketing to identify potential opportunities and threats in the competitive landscape, which helps them to develop competitive positioning and marketing plans.
  • Segmentation: Macro marketing involves segmenting the market into groups with different needs, wants and values. This helps companies to better understand their target audience and develop effective marketing strategies to reach them.
  • Product Pricing: Companies use macro marketing to set product pricing based on market trends, competitor pricing and customer demand. This helps companies to maximise profits and remain competitive in the marketplace.
  • Distribution: Macro marketing helps companies to identify optimal distribution channels for their products and services. Companies use macro marketing to assess the availability of resources and infrastructure in different markets to ensure that their products are distributed efficiently and effectively.
  • Promotion: Companies use macro marketing to determine the most effective channels and methods for promoting their products and services. This helps companies to reach the right audiences and generate maximum ROI.

Advantages of Macro marketing

  • Macro marketing assesses the influence of marketing activities and organisations on societies, enabling to identify potential and limitations of marketing.
  • It helps to identify the long-term effects of marketing activities and their implications for the entire society.
  • Macro marketing helps to analyse the current industry trends and the ways in which marketing can help to achieve or maintain a competitive edge.
  • Through the macro-marketing approach, it is possible to identify opportunities for strategic marketing and branding.
  • It helps to identify potential areas of growth and untapped markets, enabling companies to develop marketing strategies based on market needs.
  • Macro marketing helps to develop effective strategies to increase brand loyalty, build customer relationships, and create a positive customer experience.
  • It provides valuable insights into the changing consumer behaviour, allowing companies to develop strategies to meet changing customer demands.

Limitations of Macro marketing

  • Macro marketing lacks the ability to measure the "effectiveness" of marketing activities, given the complexity and variety of marketing efforts across multiple markets.
  • Macro marketing is unable to account for the dynamic nature of the markets and the ever-changing consumer needs and trends.
  • In macro marketing, the focus is on the "big picture", and it is difficult to assess the impact of individual marketing decisions on the overall success of the marketing campaign.
  • Macro marketing is not able to provide insights into the micro-level processes, such as the behaviour of individual consumers.
  • Macro marketing is not a very cost-effective method since it requires a substantial investment in research and data collection.

Other approaches related to Macro marketing

  • Consumerism: This approach examines the impact of consumer behaviour on the economy and society as a whole. It involves looking at the power of consumer demand, the role of advertising and brand loyalty, and the implications of changes in consumer behaviour on the market.
  • Social Marketing: This involves using marketing principles and practices to influence behaviour in order to create positive social change. It is used in public health, environmental protection, and other areas to promote social good.
  • Sustainability Marketing: This approach applies marketing principles to promote sustainable consumption and production. This involves looking at the environmental, social and economic implications of production and consumption, and using marketing to encourage sustainable practices.
  • Ethical Marketing: This approach combines the principles of consumerism, social marketing and sustainability to create a set of ethical marketing standards. It seeks to ensure that products and services are developed and marketed in a responsible and ethical manner.

Other approaches related to macro marketing include consumerism, social marketing, sustainability marketing, and ethical marketing. These approaches examine the implications of marketing activities on the economy and society and seek to promote responsible and sustainable practices.

Footnotes

  1. ↑ DeQuero-Navarro, Stanton, and Klein, (2021)
  2. ↑ Francis (2021)
  3. ↑ Robul, (2018)
  4. ↑ Izagirre-Olaizola (2021)


Macro marketing — recommended articles
Market dynamics — Competitive environment — Marketing myopia — Strategic foresight — Macro environment analysis — Context of the organization — Near environment — STEEP analysis — Innovative systems

References

Author: Noé STEPHAN

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