Posted in Marketing and Strategy Terms, Total Reads: 704
Definition: Macro Marketing
Macro marketing deals with big issues beyond simple exchanges between a buyer and seller or for that matter extends beyond relationship between corporate and customers. In an interconnected world of markets, macro marketing deals with studying both the opportunities and shortcomings of the market. Macro marketing focuses on an optimistic perspective which includes functional mechanisms to enhance marketing processes for benefitting the most number of stakeholders. This has gained importance in a global, interconnected economy where even local marketing decisions can have a significant impact on people apart from the normal targeted audience
Macro marketing is a multi-dimensional construct which refers to the study of the marketing systems, the impact and consequences on society due to marketing systems and the vice versa. Macro marketing addresses complex and multi-faceted relationships by scrutinizing both marketing and society, marketing phenomena marketing systems, in the aggregate, and marketing’s after effects on quality of life.
Let us consider a company that sells cereal. It develops a new flavor of cereal that is heavily sugared and targets the product primarily to children via advertising during cartoons and other kids programming. While the strategy might increase sales in the short term, such a suspect technique can damage the company's brand in the long run and also affect its relationship with the society as whole. In addition, it may ultimately lead to poor health among the kids. Hence, companies are now focusing on developing strategies by not only considering the target audience but its impact on the society as a whole