There are products that seem customized to the consumer and others that are made for the masses. Those made for the masses utilize a macro marketing strategy.
This lesson reviews the strategy and factors that impact it.
What is Macro Marketing?
You recently bought into a company that makes an all-natural lip balm. The company has a good relationship with its manufacturer. The next step is to determine how to increase sales to the masses.
You’ve decided to look into macro marketing.Marketing refers to the 4 Ps (product, price, place and promotion) used to communicate with consumers. Macro marketing is the impact that marketing has on the economy and society.
Macro Marketing Strategy
Macro marketing focuses on the majority of consumers rather than individuals. The goal is to determine how to reach a mass market. To do so, companies focus on advertising, product features, in-store availability and packaging.
- Advertising – How can you reach the largest audience possible? Are there promotions that can draw in more customers? What are other companies doing to promote their products? The lip balm company could use social media to advertise. By placing the product on popular websites you can draw in consumers globally.
- Product Features – Are there new trends in society? How does your product meet the wants and needs of society as a whole? What differentiates your product from others? These features should be the main focus. For example, the lip balm meets the new all-natural craze that society is looking for. In addition, you’ve found ways to lower costs through creating partnerships with recycling centers for the packaging.
This is attractive to consumers who are questioning economic changes. These features should be what consumers are hearing about the product.
- In-Store Availability – What stores carry your products? Are you supplying enough products to keep up with the demand from customers? Are the right stores carrying your products? For example, you need to consider who the majority audience is for your lip balm product.
If the product is in a higher price bracket than the competitors, you may not want to put it in a store where consumers come in looking for low priced items. Instead, place your product in a store where consumers are focused on quality over price. Keep that store stocked and ready with promotions to push the product.
- Packaging – Does your packaging attract the consumer? Does it display the product features that the majority of society is looking for? The lip balm needs to prominently display the fact that it is all-natural and environmentally friendly.
Factors That Impact Macro Marketing
Now that you know how to reach the mass market, it is important to understand the factors that impact macro marketing. These are outside the business, yet need your constant attention. Factors include social responsibility, consumer behavior patterns, socially admirable advertising techniques and market regulation laws.
- Social Responsibility – Is your company making moral decisions? What does society expect? The goal of social responsibility is to do what is right. The lip balm company achieves this by being environmentally friendly.
This is the responsible thing to do. In addition, it is a great feature to use in the marketing campaign.
- Consumer Behavior Patterns – Where are consumers spending their money? Why? Is the economy doing well enough for people to have extra money to spend on their wants?
- Socially Admirable Advertising Techniques – Is your company focusing on what is important to society right now? For example, the lip balm company is meeting the demands of society by being an all-natural product. This should be the main focus in all advertising.
- Market Regulation Laws – What are the laws in the industry you work in? Are there others pending? You should have employees focused on this type of research to confirm you meet all regulations and do not end up involved in a lawsuit or shut down completely.
Marketing refers to the 4 Ps (product, price, place and promotion) used to communicate with consumers.
Macro marketing is the impact that marketing has on the economy and society. By now you should understand how to take your lip balm business to the next level of increased sales through reaching out to the masses. The macro marketing strategy you will use focuses on advertising, product features, in-store availability and packaging. Factors that will impact your strategy include social responsibility, consumer behavior patterns, socially admirable advertising techniques and market regulation laws. By following these guidelines you should see success in sales to the majority of consumers in your industry. Go get ’em!