Micromarketing is a marketing strategy in which marketing and/or advertising efforts are focused on a small group of tightly targeted consumers. For example, markets can be grouped into narrow clusters based on commitment to a product class or readiness to purchase a given brand.
Macro refers to something that is very large scale. Micro refers to something miniscule.
Macromarketing can be defined as the influence marketing policies, strategies, and objectives have on the economy and society as a whole. Because marketing affects what and how consumers purchase or do, it affects how individuals and businesses interact with each other, the environment, and society as a whole.
A niche market is a subset of a larger market with its own unique characteristics, preferences, and needs. Niche marketing targets one or more segments identified within the larger market . Micro – marketing takes things even further by targeting a specific group or individual within a niche market .
Let’s start close to where micromarketing already directs us: social media campaigns. They are typically cheaper to operate than larger campaigns, can be geographically based (as well as any other number of defining variables) and keep customers aware and engaged with your brand.
Example of Micromarketing Examples of companies that have run successful micromarketing campaigns include Procter & Gamble (PG) and Uber. When P&G was introducing its Pantene Relaxed & Natural shampoo and conditioner product line, it created and ran a unique marketing campaign to target African American women.
Macro , Micro and Nano – What’s the difference? Microcantilever with a gold nano-dot 50 nanometers (nm) in diameter. In commercial and residential electrical applications, components such as switches, light bulbs and fans are macro -size objects (greater than 100 micrometers).
Why? At the entry-level, microeconomics is more difficult than macroeconomics because it requires at least some minimal understanding of calculus-level mathematical concepts. By contrast, entry-level macroeconomics can be understood with little more than logic and algebra.
Macro refers to large things. Micro refers to small things.
The Macro Environment consists of 6 different forces . These are: Demographic, Economic, Political, Ecological, Socio-Cultural, and Technological forces . This can easily be remembered: the DESTEP model, also called DEPEST model, helps to consider the different factors of the Macro Environment .
A global macro strategy is a hedge fund or mutual fund strategy that bases its holdings primarily on the overall economic and political views of various countries or their macroeconomic principles. Holdings may include long and short positions in various equity, fixed income, currency, commodities, and futures markets.
Product Markets : The product markets , also termed goods or output markets , exchange the production of final goods and services, what is formally termed gross domestic product. The buyers of this production are the four macroeconomic sectors–household, business, government, and foreign.
A niche market is a segment of a larger market that can be defined by its own unique needs, preferences, or identity that makes it different from the market at large. Shoes for vegan women would be a niche market , as would shoes for plus-sized women, shoes for nurses, and shoes for transgendered people.
Nano – marketing happens when an enterprise identifies its target market and then applies razor sharp marketing aimed at that group to achieve its objective. The trick is to aim at a small group and get the maximum profit from that niche market.
Market segmentation is the research that determines how your organisation divides its customers or cohort into smaller groups based on characteristics such as, age, income, personality traits or behaviour. These segments can later be used to optimise products and advertising to different customers.