Micro and macro essentially refer to the economic environments in which companies perform their marketing activities. Generally, marketing is a critical component of every business as effective marketing campaigns lead to a greater awareness of the brand and product among the target market. In addition, effective marketing campaigns play an important role in encouraging the target market to make a decision, like buying the product or service.
Micro and macro marketing techniques are important techniques used by a business or industry to determine the requirements of individuals, and to generate ideas, products and services that can fulfill those requirements. There are wide distinctions between micro and macro marketing. However, both the methods are important for formulating a successful marketing strategy.
Definitions and meanings
Micro marketing is a strategy where small groups of individuals having specified needs for products within a market are targeted. The advertising campaigns that are part of the micro marketing strategy are targeted towards an extremely specific group of customers. It should be the responsibility of a business to identify the unique features that define the target group. Subsequently, it should adapt its marketing campaign according to this pre-defined group of customers.
In micro marketing, the focus is on the activities carried out by individual firms, i.e. identifying the requirements of consumers and providing their products to those consumers so as to fulfill their requirements. Micro marketing concentrates to a large extent on performing research to comprehend the fundamental needs of customers. These needs can be fulfilled by taking into account the four Ps – product, price, place and promotion.
The field of micro marketing has undergone tremendous growth to turn into a robust tool that can be used by business of various sizes to attract customers according to their products. The ultimate objective of these businesses is to convert these customers into loyal and recurring customers.
The Macro marketing strategy is one that views the marketing process as a whole. It is relevant for all aspects of a business, including the link between the production process and the customer as well as the global purchase behavior. The scope of macro marketing is always wide, i.e., it concentrates on those aspects that extend much further than the scope of micro marketing. The macro marketing strategy is concerned with problems central to the market and society. It is generally considered by the marketers as a method through which they can evaluate the opportunities and limitations of marketing.
Macro marketing functions essentially involve eight activities – buying, selling, storing, transporting, financing, standardizing and ranking, taking risks and sharing market information. These activities are carried out to offer the goods and services required by the society.
Macro marketing is different from micro marketing in various aspects. These differences are described in the following section.
Differences between micro marketing and macro marketing
The main points of difference between micro marketing and macro marketing are given below:
Micro refers to anything that is small in scale or scope, whereas macro refers to large in scale or scope. Hence, micro marketing is focused on individual steps that are part of an overall process, whereas macro marketing considers this same process in a holistic manner.
Micro marketing is related to anything, ranging from a particular production process to the overall operations of an organization. On the other hand, macro marketing is related to the way the production process is linked to the consumer and to purchase behavior on a global level.
Micro marketing is concerned with individual consumer behavior, pricing techniques and decisions, distribution channels, the way firms make decisions regarding the products to create and market, decisions related to packaging and promotion and finally, brand image management. Macro marketing, in contrast, is concerned with the laws regulating marketing activities, social responsibility, advertising strategies that are socially acceptable, efficiency of marketing mechanisms and the consumer behavior patterns on the whole.
4. Purchasing target
In micro marketing, the purchasing target is the individual, with the focus being on identifying the likes and requirements of individuals. The purchase target of macro marketing, however, is the highest possible customer base. It is concerned about identifying the segments of society that make up the target audience of its product, and how this product is offered to that target market.
5. Relationships and networks
The aim of micro marketing is to develop lasting and solid relationships with consumers. This process seeks to generate repetitive sales by giving rise to brand loyalty at the individual level. On the other hand, the objective of macro marketing is to ensure that resources are used most effectively at the community level. The macro marketing strategy does not concentrate on generating an individualized network; rather, it aims to develop a network of communities. This enables the brand to concentrate on selling and distributing products to a large number of people, without focusing on developing long-term relationships.
Micro marketing vs macro marketing – tabular comparison
|Focuses on individual steps of the process.||Focuses on the process as a whole.|
|Related to production process and overall operations of a company.||Related to how the production process is linked to the consumer and the global purchase pattern.|
|Concerned with the individual consumer behavior and the four Ps – product, price, promotion and place.||Concerned with laws regulating marketing, social responsibility, efficiency of marketing campaigns and the overall consumer behavior patterns|
|The individual||The maximum possible consumer base|
|Relationships and networks|
|Generate repetitive sales and brand loyalty at the individual level||Effective use of resources at the community level; developing a network of communities|
Conclusion – micro marketing vs macro marketing
Both micro and macro marketing are extremely important, and their use depends on what the focus of the business is. Therefore, it is critical to obtain an understanding of these two concepts of marketing. These strategies perform an important role in facilitating businesses to generate an effective marketing strategy. An effective marketing strategy allows business to shift to an entirely new level and ensures that it gains maximum success in terms of revenues and profits.