What is Macromarketing
Macromarketing is the study of the effect that marketing policies and strategies have on the economy and society as a whole. Specifically, macromarketing refers to how product, price, place and promotion strategies — the four Ps of marketing — create demand for goods and services, and thus influence what is produced and sold in an economy.
Breaking Down Macromarketing
Over time, businesses have become more adept at reaching potential consumers through an expanding set of mediums. Marketing, therefore, has become a part of the daily life of a consumer, since consumers are exposed to advertisements for products and services wherever they turn. Because marketing affects what consumers do, it in turn affects how individuals and businesses interact with their environment and society as a whole.
Macromarketing reflects society's values and therefore attempts to conduct marketing of goods, services and ideas in a way that is consistent with the public good. Scholars believe that the study of macromarketing is valuable in that it focuses on understanding how individuals and societies learn, adopt and innovate. Some academics who teach and research the tenets of macromarketing do so on the assumption that it represents the conscience of the practice of marketing, while others hold that its value lies primarily in its scientific rigor and its objectivity.
Macromarketing vs. Micromarketing
Macromarketing is often considered alongside of micromarketing, which is the study of how businesses decide on what to manufacture or create, how they market their products and how much they will charge for them. As a marketing strategy, micromarketing focuses on a small group of highly targeted consumers and requires a narrowly defined audience that is selected by using specific identifying characteristics (such as ZIP code or job title) to customize campaigns for that specific segment. Micromarketing may be more expensive to execute because of the necessary customization and lack of an economy of scale.
Macromarketing as a term was first used in 1962 by Robert Bartels in his book The Development of Marketing Thought, which examined future changes and innovations in marketing, including increased interdisciplinary research, greater use of conceptualization, and more comparative research. Later, Bartels and colleague Roger L. Jenkins published a widely respected article in the Journal of Marketing that expounded on macromarketing:
"Macromarketing has meant the marketing process in its entirety, and the aggregate mechanism of institutions performing it. It has meant systems and groups of micro institutions, such as channels, conglomerates, industries, and associations, in contrast to their individual component units. More recently, it has meant the social context of micromarketing, its role in the national economy, and its application to the marketing of noneconomic goods."