Macro-Marketing and Micro-Marketing

Macro-marketing refers to the overall social process that directs the flow of goods and services from producer to consumer. It is the economic system that determines what and how much is to be produced and distributed by whom, when, and to whom. E. Jerome McCarthy and William D. Perreault, Jr. identified eight universal macro-marketing functions that make up the economic process:

· buying, which refers to consumers seeking and a)goods and services;

· selling, which involves promoting the offering;

· transporting, which refers to the movement of goods from one place to another;

· storing, which involves b)goods until customers need them;

· standardization and grading, which entails sorting products according to size and quality;

· financing, which delivers the c)and credit needed to perform the first five functions;

· risk taking, which involves bearing the uncertainties that are part of the marketing process;

· market information, which usually refers to the gathering, analysis, and distribution of d)necessary to e)these marketing functions.

In contrast, micro-marketing refers to the activities performed by the individual providers of goods and services within a macro-marketing system. Such organizations or businesses use various marketing techniques to f)objectives related to g), h), cash flow, and other economic factors that can enhance their well being and position in the marketplace.

The micro-marketing function within an entity is commonly referred to as marketing management. Marketing managers i)to get their organizations to anticipate and accurately determine the needs and wants of customer groups. Afterward they seek to j)effectively with a flow of need-satisfying goods and services. They are typically charged with planning, implementing, and then measuring the effectiveness of all marketing activities.

5) There is a logical connection among three of the four words in each of the following groups. Which is the odd one out, and why?

a) Distribution – promotion – pricing – retention

b) Benefit – profit – data – cash

c) Promotion – competition – advertising – branding

d) impact – customer – end-user – product