Micro Marketing VS Macro Marketing – Understanding the Differences
Micro marketing VS macro marketing encompasses what businesses consider as marketing in popular sense and how a business society makes its decision on an aggregate basis.
Marketing, in general, is a crucial element for all businesses and industries. Successful marketing campaigns play a bigger part in increasing brand and product awareness among the target group.
Successful marketing campaigns can also help a business to entice the target group to take an action, such as making a purchase for goods or services.
By definition, micro and macro are economic environments within which marketing takes place. The two are great techniques that help a business find out what people want and creating ideas, services and products that match those needs.
Although a broad difference exists between micro marketing and macro marketing, the two are essential marketing theories used to develop an effective and successful marketing strategy.
Understanding Micro Marketing VS Macro Marketing
Micro marketing is a strategy used to target a small segment of consumers with specific needs for products in the market. In micro marketing, all advertising efforts are strongly focused on a small group of highly targeted consumers.
A business should assume the responsibility of narrowly defining the target group by its unique characteristics.
It should then tailor its marketing campaign towards the small group already defined. Micro marketing is growing to become the most powerful tool businesses of all sizes can use to capture customers matched to their products and eventually turn these customers into loyal and repeat clients to the business.
Micro marketing is different from mass marketing approach in that instead of high volume and result in high customer turnover, it provide a deep level of satisfaction to a smaller, ideally matched customer base.
It involves spending more per target consumer and can be more expensive due to customization and inability to scale up in size. Micro marketing is a strategy whose focus is to generate profit back to the business through customer satisfaction.
It, therefore, needs a properly controlled strategy over the variables to optimize its objectives. The main point is, one your business knows how to satisfy the target group, generating profit back to the business should not be a difficult thing to do.
Micro marketing features four main aspects. These are product, placement, promotion and price. Developing a marketing strategy requires that you understand your customers by identifying facts about them. The price of the product you wish to set should fit within their spending habits, their income and lifestyle.
Your products must be in a relevant distribution channel for easy accessibility by the consumer.Promotion is a feature that involves a mix of advertising and sales strategy, which attempt to let the words out about the product. Promotion seeks to inform, remind and persuade buyers about the product that is on offer from by the business in question.
The research done in micro marketing goes beyond demographics. It takes a further look into lifestyles, spending habits, attributes and attitudes of the target group. The research uses three forms of data category. They include standard data, demographics and residence type.
The standard data concerns gender, location, education, occupation and marital status. Residential type data is concerned with lifestyle and spending habits, reading materials, travel and hobbies and dining habit. A business will use the data to match against a specific set of product attribute.
The data will help the business to identify their exact market group or rather the customer that they are targeting for their products and or services.
Macro marketing is always large in scope. This means that it put more focus on aspects that goes beyond the scales of micro marketing. Macro marketing is a mechanism that addresses issues at the nexus of the market and society. Marketers generally view it as a mechanism that helps them study the opportunities and the shortcomings of marketing.
Macro marketing seeks functional mechanisms that can help to enhance marketing processes and systems. Unlike micro marketing, macro marketing focuses on the relationship between production process and the purchase patterns of the consumers. Rather than examining a process based on individual basis or a small customer base, it examines the marketing process as a whole.
It is important to note that the concerns of macro marketing are completely different from the concerns of micro marketing. Micro marketing is more concerned with how firms make decisions on what product to make and market, methods of production, brand management, pricing decisions, channels of distribution, the consumer behavior of individuals and packing and promotional decisions.
Macro marketing on the other hand is more concerned with marketing and social responsibilities, overall consumer behavior patterns, and market regulation laws, efficiency of marketing systems, socially admirable advertising techniques and social responsibilities.
Unlike micro marketing that focuses its target on a small customer base, macro marketing will always target the maximum possible customer base.
It puts more focus on how wide a market target in a particular society is and works on how the products can reach that particular audience. Macro marketing is the best or technique to use if your business will to consider every aspect of marketing.
This approach focuses on features such as advertising, product features, in-store availability of the products and their packaging type. Macro marketing examines the social effect of marketing and the flow of products and services in the economy in the very best way possible. It also evaluates the benefits of these products to the society.
Macro marketing determines who will develop a product, the audience the product is produced for and how much of the product should be produced based on market segment and demographics.
It is important to know that these two aspects are important because they play a crucial role of helping businesses to create an effective marketing strategy. Successful marketing campaigns can take your business to a whole new level, helping you generate significant profits than your business did before. After understanding the micro marketing VS macro marketing concept, it is easy to know what your business can focus on best.